US New Home Sales Nudge Up 1.5% in January, Prices Soar

February 27, 2024
US New Home Sales Nudge Up 1.5% in January, Prices Soar
  • New home sales in the US slightly increased by 1.5% in January to 661,000 units, falling short of the expected 680,000.

  • The December sales figure was revised down to 651,000 units.

  • Median sales price of new homes rose to $420.7K, with an average sales price of $534.3K.

  • Inventory levels grew to an 8.3 months' supply with 456,000 new homes available at January's end.

  • Despite missing forecasts, new home sales still showed a 1.8% year-on-year increase.

  • Strong demand for new homes persists, driven by a shortage of existing homes on the market.

Summary based on 2 sources


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Sources

New home sales rises less than expected in January

US new home sales miss expectations in January

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