New home sales drop 7.8 percent in January
Vanishing inventory and rising interest rates put brakes on market.
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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.
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