Low inventory levels continue to impact sales as new home sales fell to start the year, according to the Census Bureau’s new residential sales report…(Census Bureau)
- M-O-M: Sales of new single-family houses fell 4.5% to a seasonally adjusted annual rate of 801,000. Economists had projected a smaller drop of 1.2%.
- Y-O-Y: Sales of new homes fell 19.3% when compared to January 2021.
Not surprisingly, prices continue to rise as inventory remains low and demand increases…
- The median sales price was up 12.0% month-over-month to $423,300, this is up 22.1% from one year ago.
- The average sales price was up 8.6% month-over-month to $496,900, this is up 14.9% from one year ago.
Inventory levels at the end of the month were 406,000 (+0.7%) and this represents a supply of 6.1 months, up from 6.0 months in December.
- NOTE: Inventory levels are up 32.2% from January 2021.