New Home Sales Fall 19%
NEW report for new single-family home sales in the US (i.e. sales of new home construction): According to the Census Bureau, the number of new single-family home sales (i.e. new homes from homebuilders) in the US was 640k in February 2023 based on the seasonally adjusted annualized rate.
This was below the street’s expectations of 650k new home sales. This is fairly flat from last month (+1.1%) but down 19% from February 2022. Additionally, inventory levels for new homes still remain very high at 436,000. However, inventory (i.e. the number of new homes for sale) has been decreasing for 4 consecutive months. New Home Sales Fall 19%
These trends and others that were reported by the US Census Bureau on 3/23/23.
Also, it is said that new home buyer cancellations are insanely high.
It seems like people are putting multiple homes under contract then deciding which one they like and canceling the others before earnest money goes hard.
One of the takeaways I see is a doubling of homes completed that have not been sold! Interesting trend. Also with builders having less under construction, shows maybe a couple of things. 1. Less demand, thus less building. 2. Could be the industry is flushing out possible excess inventory!
New Home Sales Fall 19%
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