The U.S.
Commerce Department reported on Monday that the sales of new single-family homes
increased 1.5 per cent m-o-m to a seasonally adjusted annual rate of 661,000
units in January 2024. This was the highest reading in three months.
Economists
had forecast a sales pace of 680,000 last month.
The December 2023
sales pace was revised down to 651,000 units from the originally reported 664,000
units.
According to
the report, new home sales in the South, the largest area, plunged by 15.6 per
cent m-o-m in January to 358,000. Meanwhile, new home sales surged by 72.0 per cent m-o-m to 43,000 in the Northeast,
climbed by 38.7 per cent m-o-m in the West to 190,000, and rose by 7.7 per cent m-o-m to 70,000
in the Midwest.
Compared to January
2023, new home sales jumped by 1.8 per cent.
The report also
revealed that the median sales price fell by 2.6 per cent y-o-y to $420,700 in January,
while the average sales price soared by 7.8 per cent y-o-y to $534,300.