The US Department of Housing and Urban Development (HUD) and the US Census Bureau released the results of their December 2013 new home sales data. While new home sales in December took a 7.0% dip from November’s revised home sales rate, the numbers revealed that December new home sales were 4.5% greater than December 2012. In an annual comparison, new home sales in 2013 were 16.4% higher than in 2012. The average sales price for new homes sold in December was $311,400 while the median sales price was $270,000. On a seasonally adjusted basis, HUD and the Census Bureau estimate 171,000 new homes were for sale at the end of December, representing a 5-month inventory supply.
In response to the new home sales data, National Association of Home Builders’ Chief Economist David Crowe stated, “Consumers are getting used to more realistic mortgage rates, which still remain favorable on a historical basis. As household formations and pent-up demand continue to emerge, we anticipate that 2014 will be a strong year for housing.” http://bit.ly/1loH8Ib