New Residential Sales Jump 19.3%

If anyone thought the housing sector was going to slow down to start 2021 they couldn’t have been more wrong.  The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced new residential sales skyrocketed for January 2021 (U.S. Census Bureau)
  • Y-O-Y: Sales of new single-family houses in January 2021 were at a seasonally adjusted annual rate of 923,000 which was a 19.3% jump from the January 2020 estimate of 774,000.
  • M-O-M: January’s numbers were 4.3% above the revised December rate of 885,000
Housing Inventory continues to remain at historical lows with the seasonally-adjusted estimate of new houses for sale at the end of January was 307,000.  This represents a 4 month supply
  • Y-O-Y: Housing inventory was down 20% compared to the 5 month supply available in January 2020
  • M-O-M: Housing inventory was down 2.4% compared to the 4.1 month supply available in December 2020
Not surprisingly, the median and average sales price continues to rise thanks to shrinking inventory
  • The median sales price of new houses sold in January 2021 was $346,400. The average sales price was $408,800