New-home sales tick higher in December
The numbers: New-home sales ran at a seasonally adjusted annual 621,000 rate in December, the Commerce Department said Tuesday. That was 2.4% lower than a year ago.The December figures beat the MarketWatch consensus for a 600,000 rate, but there were sizable downward revisions to the previous three months.
The government’s reports on the new-construction housing market are based on small samples, and are thus prone to big revisions. This winter, they have also been badly delayed by the government shutdown. On Friday, the Commerce Department will release January housing starts figures, which will help give a sense of the pace of building activity during that month. New-home sales for January are set for release next week.
There are plenty of signs that Americans want to buy homes, but are constrained by the lack of affordable supply. Contract signings for sales of previously-owned homes roared higher in January, and mortgage applications soar whenever rates decline. Still, the headwinds remain, and with plenty of new rental stock in the most popular metro areas, some Americans may bow out of the house hunt.
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