New-Home Sales Jump 12% in December Despite Supply Woes
Builders sold 811,000 houses at an annualized and seasonally adjusted pace, the highest reading since March, the Commerce Department said in a report.
January 26, 2022 2 MIN
Builders sold 811,000 houses at an annualized and seasonally adjusted pace, the highest reading since March, the Commerce Department said in a report.
Phoenix led the 20-city index, as it has for more than two years, posting a 32.2% annualized advance in November, according to S&P Dow Jones Indices data.
Home sales weakened last month as the number of available properties dropped to the lowest ever recorded, NAR said.
The retreat in affordability came as the median U.S. home price rose to $353,900 in November, the highest ever recorded for the month.
Homebuilders' confidence declined in January, reversing four months of gains, as construction companies grappled with shortages of workers and materials.
Pending sales and property viewings in December fell to the lowest level since the start of 2021, a Redfin report showed.
Some of the nation's highest-flying markets in 2021 may see the smallest gains this year, the CoreLogic forecast said.
Pending home sales declined 2.2% as buyers competed for a shrinking pool of available properties, according to a report on Wednesday.
Prices for U.S. homes gained 18.4% in October, six times the increase recorded in the year before the pandemic began, according to the S&P CoreLogic Case-Shiller index.
The median U.S. sales price of a new home in November was $416,900, up 18.8% from a year earlier, according to a Commerce Department report.
