Earlier this week, a report from the National Association of Realtors showed that 2017 was the best year for existing home sales since 2006.
As it turns out, existing homes weren’t the only ones selling a recent record level last year.
New data from the Census Bureau and the Department of Housing and Urban Development shows that there were more new homes sold last year than in any year since 2007.
The latest data from the Census Bureau and HUD shows that there were an estimated 608,000 new homes sold in 2017. That’s up 8.3% from 2016’s total of 561,000.
That’s also higher than every other year since 2007, as seen in the chart below.
While last year’s total is the highest in a decade, it still obviously pales in comparison to the early-to-mid 2000s.
Last year’s total could have been even higher, but December’s total of new homes sold came in well below November’s total.
According to the Census and HUD data, sales of new single-family houses in December 2017 were at a seasonally adjusted annual rate of 625,000, which is 9.3% below the revised November rate of 689,000.
On the positive side, December 2017’s total was 14.1% above the December 2016 estimate of 548,000.
Additionally, the report showed that the median sales price of new houses sold in December 2017 was $335,400, while the average sales price was $398,900.
The report also showed that the seasonally adjusted estimate of new houses for sale at the end of December was 295,000, which represents a supply of 5.7 months at the current sales rate.
See more of the original article here: www.housingwire.com