New homes sold well in 2017, up 8.3% year-over-year; but the year ended with a 9.3% drop in December to a seasonally adjusted annual rate of 625,000 units
New homes sold well in 2017, up 8.3% year-over-year; but the year ended with a 9.3% drop in December to a seasonally adjusted annual rate of 625,000 units.
The National Association of Home Builders says the data from the HUD and Commerce Department showing a full-year gain to a SAAR of 608,000 units highlights a positive trend.
“The number of consumers planning to buy a new home in the near future is trending upward,” said NAHB Chairman Randy Noel, a custom home builder from LaPlace, La. “Inventory remains low, but its growth in 2017 is an encouraging sign. Our members are also telling us that market conditions continue to improve.”
The dip in December was expected following the strong November but NAHB senior economist Michael Neal says the fundamentals are good.
“With ongoing job creation and rising home equity, we should see housing demand continue to grow in the months ahead,” he said.
Midwest leads the losses
All four regions saw a fall in sales of new homes in December with the Midwest leading at 10% followed by the South (9.8%), the West (9.5%) and the Northeast (2.4%).
Inventory of new homes for sale in December was 5.7 months at the current pace with 295,000.
Median sales price was $335,400.
The National Association of Home Builders says the data from the HUD and Commerce Department showing a full-year gain to a SAAR of 608,000 units highlights a positive trend.
“The number of consumers planning to buy a new home in the near future is trending upward,” said NAHB Chairman Randy Noel, a custom home builder from LaPlace, La. “Inventory remains low, but its growth in 2017 is an encouraging sign. Our members are also telling us that market conditions continue to improve.”
The dip in December was expected following the strong November but NAHB senior economist Michael Neal says the fundamentals are good.
“With ongoing job creation and rising home equity, we should see housing demand continue to grow in the months ahead,” he said.
Midwest leads the losses
All four regions saw a fall in sales of new homes in December with the Midwest leading at 10% followed by the South (9.8%), the West (9.5%) and the Northeast (2.4%).
Inventory of new homes for sale in December was 5.7 months at the current pace with 295,000.
Median sales price was $335,400.
