Sales of new single-family homes increased 8 percent in December from the month before, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. The improvement pushed sales 4.4 percent higher than they were at the same time one year earlier and put total sales for the year 4.2 percent higher than in 2022. Put simply, the new home market has been thriving at a time when the market for older homes has slowed. So what’s behind the increasing interest in new homes? Well, it mostly comes down to inventory. The continuing shortage of existing homes for sale has the new home market drawing buyers who may’ve otherwise purchased a previously owned home. And fortunately for interested home shoppers, prices for new homes are improving. The median sales price of new houses sold in December was $413,200, down from $432,100 at the same time in 2022. (source)
