July 13, 2024

New single family home sales

home sales - New single family home sales fall

In a report out today from the US Commerce Department  show that new single family home sales dropped four and a half percent in January 2022. The good news, is that prices for new homes fell in all regions except the West which actually saw a pickup in new-home sales. New home sales fell in the Midwest, Northeast and the densely populated South.

New single family home sales felt 19.3% on a year-over-year basis from January 2021.

Now, when it comes to new  single family home prices, the median new home price increased by 13.4% on a year-over-year basis in January 2022!

Also, there is an all-time high backlog of new single family homes that have been approved for construction, but have yet to be built. The main reason for such a high backlog is the fact that builders are having a very hard time maintaining their workforce and contending with  supply line delays in building materials and fixtures.

New single family home sales

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