New Home Sales Jump to Almost 5-Year High
In yet more optimistic news for the housing market, the Commerce Department reported Tuesday that January sales of new single-family homes reached its highest level in four and a half years.
New home sales increased by almost 16 percent between December and January, reaching a seasonally adjusted rate of 437,000 units annually. The Commerce Department reported that it was the largest month-over-month percentage increase in 20 years.
As home sales increase, inventory continues to hover at or near record lows. From the Commerce Department:
The supply of new homes for sale was unchanged last month at 150,000. That’s barely above August’s total of 143,000 – the smallest supply of new homes on records dating back to 1963. At the current sales pace, it would take just 4.1 months to exhaust the number of new homes for sale, the lowest in eight years.
The new home sales news comes right on the heels of Case-Shiller’s report Tuesday morning that home prices rose 7.3 percent nationally over the last year.
This article originally published at https://dc.urbanturf.com/articles/blog/new_home_sales_jump_to_almost_5-year_high/6713.
Most Popular... This Week • Last 30 Days • Ever
DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »
DC and Virginia lead the way in terms of where prices have risen the most this year.... read »
When it comes to financing a home purchase, a 30-year mortgage is one of the most com... read »
Pocket listings are growing in popularity in the low-inventory market in the DC regio... read »
The London-style carriage house was originally built in 1892 as part of the Frasier M... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro