Sales of new homes in the U.S. edged higher in January as
Purchases of new single-family homes increased 1.5% to a 661,000 annual pace after the prior three months were revised lower, government data showed Monday. The median forecast in a Bloomberg survey of economists called for a rate of 684,000.
The housing sector got off to a good start in 2024 with a retreat in
The median sales price of a home decreased to $420,700 in January from a year ago, marking the fifth-straight decline, as more homes became available for sale. New-home supply increased to 456,000 from the prior month, the most in over a year, according to the report issued by the Census Bureau and Department of Housing and Urban Development.
Sales jumped in the Northeast and West, while the Midwest posted a more modest gain and transactions declined in the South.
New-home sales are seen as a more timely measurement than purchases of previously owned homes, which are calculated when contracts close. Those sales
The data are volatile, though. The government report showed 90% confidence that the change in new-home sales ranged from a 18.4% decline to a 21.4% gain.