January new-home sales underwhelmed, according to the Commerce Department:
New-Home Sales: 607,000
- -6.9 percent from Dec. 2018
- -4.1 percent from Jan. 2018
For-Sale Inventory: 336,000
Months’ Supply: 6.6
Median Price: $317,200
What the Industry’s Saying
“These numbers indicate that builders who can produce housing at affordable price points in markets across the nation will be able to meet this sales demand that is generated by healthy household formations and solid job and wage growth.” – Robert Dietz, Chief Economist, National Association of Home Builders
“The partial federal government shutdown and the harsh winter weather that affected much of the country both weighed on economic activity, but our bet is that buyers will prove resilient as winter turns to spring, and throw their hats into the ring with the benefits of falling mortgage rates, falling home prices and rising inventory. As the weather warms, accompanied by still-falling mortgage rates and additional new homes, the icy conditions that buyers faced in the fall and winter appear to be thawing.” – Matthew Speakman, Economic Data Analyst, Zillow
