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New Home Sales Decline 9.3% in December Sales were down in all four regions on a month-over-month basis, but all except the Midwest posted year-over-year gains. In the Northeast sales dipped by 2.4 percent from November but were 10.8 percent higher than a year earlier. In the Midwest there was a decline of 10.0 percent from November to December and 3.1 percent fewer homes were sold than in December 2016. Sales in the South fell 9.8 percent month-over-month but gained 15.7 percent over the previous 12 months. The West saw sales decline 9.5 percent in December, but there were 18.8 percent higher than a year earlier. At the end of the reporting period there were an estimated 295,000 new homes for sale, up from 261,000 a year earlier. The inventory at year's end was estimated at a 5.7-month supply at the current rate of sales. The median time completed homes were on the market was 3.2 months. On a non-seasonally adjusted basis, there were an estimated 43,000 units sold. In November the number was 49,000. Sales for November were revised down from 733,000 to 689,000. The Census Bureau reports there were an estimated 608,000 new homes sold over the course of 2017. This is 8.3 percent increase from the 561,000 sold the previous year. The median price of a home sold in December was $335,400 and the average sales price was $398,900. The respective prices in December 2016 were $315,200 and $357,700.
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