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January saw a 4.5% decline in US's new home sales

Posted on March 14, 2022   |  

  • In January 2022, sales of newly built single-family homes in the U.S. dropped by 4.5% to 801,000 compared to December 2021. 
  • Inventories of new single-family homes grew by 34.4% year-over-year, with 406,000 homes open for sale out of which only 37,000 of them have been finished and are ready for occupancy.
  • The average selling price grew by 13% to $423.3K in January 2022 from $395.5K in December 2021 due to higher engineering and material costs. 
  • New home sales fell by 10.7% in the Northeast, dropped by 3.7% in the Midwest, and by 7.4% in the South, and in the West, sales grew by 1.2%.