In December, signed contracts for new homes increased by 3.6% from November, reaching a pace of 698,000 units, significantly above estimates and the highest since September. Compared to December of the previous year, sales rose by 6.7%.
What’s the bottom line?
The combination of historically low existing home inventory and strong buyer demand has driven the rise in new home sales, despite elevated mortgage rates. However, more inventory is needed to satisfy ongoing buyer interest. Ofthe 494,000 new homes available at the end of December, only 118,000 had been completed; the remainder were either under construction or not started.
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