New home sales rose 7.2% to a seasonally adjusted annual rate of 670,000 in January, according to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
Compared with January 2022, new home sales declined 19.4%. The median price of new houses sold in January was $427,500, a 0.7% decline compared with January 2022.
“Even though new home sales edged higher in January, the recent uptick in mortgage rates would imply continued weakness in the coming months,” stated Danushka Nanayakkara-Skillington of the National Association of Home Builders. “In terms of affordability, the median price is down for the third straight month and is down compared to a year ago.”
Regionally, month-over-month, new home sales declined 19.4% in the Northeast, 6.9% in the Midwest and 7.3% in the West. In the South, new home sales increased 17.1%.
The full report can be found here.
