New home sales are up 3.7%

March 12, 2019 11:17 am

New home sales are up 3.7% to the highest for seven months, according to the latest figures.

In December 2018, there were 621,000 new homes sold, a seasonally-adjusted total shows. That is according to data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

At the same time, November’s sales were revised down to 599,000 from an annual rate of 657,000.

In December, there were 344,000 new houses for sale at a median sales price of $318,600. That is 7.2% lower than a year ago. The December listings total represents 6.6 months at the current sales rate.

An estimated 622,000 new homes were sold in 2018.  This is 1.5% above the 2017 figure of 613,000.

Sales rose in the South by 5% during December and 7.4% year-over-year.

Sales started to dip in June amid higher mortgage rates, but loan rates have lowered since peaking in November.

Qualitas new houses in Cape Coral, Florida, start from just $219,900.

Source: https://www.census.gov/construction/nrs/pdf/newressales.pdf