Steel Markets

New Home Sales Jump in January

Written by Sandy Williams

Sales of new homes in January jumped 7.9 percent from December to a seasonally adjusted annual rate of 764,000, according to the U.S. Census Bureau and Department of Housing and Urban Development. Sales were 18.6 percent higher than the January 2019 estimate.

House2018“The January sales pace matches what builders are saying in NAHB surveys – builder confidence is strong and low interest rates have fueled single-family housing demand at the start of 2020,” said National Association of Home Builders Chairman Dean Mon.

The median sales price of a new home sold in January was $348,200 and the average price $402,300. Inventory was estimated at 324,000 homes for sale at the end of January, a supply of 5.1 months at the current sales rate.

Sales increased the most in the Midwest, soaring 30.3 percent from December, followed by a strong showing of 23.5 percent in the West. Sales in the Northeast were up 4.8 percent, but fell 4.4 percent in the South.

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