Market Updates
December Rebound Lifts 2023 New Home Sales, Median and Average Home Prices Fell
Brian Turner
25 Jan, 2024
New York City
New home sales rose in December, and buyers struggled to find homes amid elevated home prices and mortgage rates.
Seasonally adjusted home sales rose 8% to an annual rate of 664,000 in December, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced.
Home sales rebounded from an upwardly revised 9% decline in November.
Sales soared in the Northeast by 32% to 33,000, in the South by 10.6% to 419,000, and in the Midwest by 9.2% to 71,000, but fell in the West by 3.4% to 141,000.
The median price of a new home sold in the month decreased to $413,200 from $479,000, and the average price of a home sold fell to $487,300 from $568,700 a year ago, respectively.
At the same time, there were 453,000 homes listed for sale by the end of December, equivalent to a supply of 8.2 months at the latest sales rate.
An estimated 668,000 new homes were sold in 2023, 4.2% higher than 641,000 in 2022.
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