Report: January New Home Sales Jump 18.6% For Year; Highest Level Since 2007

Sales of new single-family homes increased by 7.9 percent in January over a month earlier – and 18.6 percent above January 2019, according to estimates released Wednesday by the U.S. Census Bureau and the Department of Housing and Urban Development.

The federal report estimated that 764,000 new single-family houses were sold last month – up from 708,000 in December and 644,000 in January 2019. It is the highest level since since July 2007.

The report also found:

  • The Midwest notched a 30.3 percent increase over December and a 47.8 percent increase over January 2019.
  • The West came in with a 23.5 percent increase for the month and a 49.1 percent increase from a year earlier.
  • In the Northeast, home sales were up 4.8 percent last month – and 46.7 percent more than in January 2019.
  • The South dipped by 4.4 percent in January and was down 2.4 percent from January 2019.

As for home prices, the median sales price of new houses was $348,200, up from $305,400 a year earlier. The average sales price was $402,300, up from $361,100 in January 2019.

Read the full report here.

Here is what CNBC had to say on the housing report:

US new home sales surge to 12.5-year high in January from CNBC.