Capping off a lackluster year, December’s new-home sales ticked up 3.7 percent, according to the Commerce Department.
New Home Sales: 621,000
- +3.7 percent from Nov. 2018
- -2.4 percent from Dec. 2017
For Sale Inventory: 344,000
Months’ Supply: 6.6
Median Price: $318,600
What the Industry’s Saying
“The slight gain for 2018 new-home sales reflects solid underlying demand for homeownership. Housing affordability remains a challenge across the country, but conditions have improved in early 2019, as illustrated by the recent uptick in builder confidence.” – Greg Ugalde, Chairman, National Association of Home Builders
“Today’s new-home sales data from December likely reflect closed transactions that were pending in November—transactions begun when interest rates were near their recent highs and builders were aggressively cutting prices in response…New homes selling in December were likely permitted for construction in the spring or early summer, when the 2019 economic outlook was worse than now…Building permits increased in December, and buyers appear responsive to conditions that are more favorable now than they were just a few months ago, when rates were climbing and the government shutdown loomed large—and price cuts are still relatively frequent, particularly in larger markets, which may goose sales volumes as prices fall within the budget of more buyers. It’s been a disappointing fall and winter, but the sun is coming back soon.” – Matthew Speakman, Economic Data Analyst, Zillow
