Posted February 28, 2018

New home sales drop 7.8 percent in January

Vanishing inventory and rising interest rates put brakes on market.

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development have
jointly announced the following new residential sales statistics for January 2018:

New Home Sales Sales of new single-family houses in January 2018 were at a seasonally adjusted annual rate of 593,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.

This is 7.8 percent (±19.0 percent)* below the revised December rate of 643,000 and is 1.0 percent (±16.4 percent)* below the January 2017 estimate of 599,000.

Sales Price

The median sales price of new houses sold in January 2018 was $323,000. The average sales price was $382,700.

For Sale Inventory and Months’ Supply

The seasonally-adjusted estimate of new houses for sale at the end of January was 301,000. This represents a supply of 6.1 months at the current sales rate.