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  • Sales of new US homes jumped last year as attractive interest rates brought in more would-be homebuyers, according to government data released Monday. That demand is making it hard for builders to keep up, and the data shows the supply on the market dwindling. Single-family houses sold nationwide surged more than 10 percent in 2019 compared to 2018 to 681,000 without seasonal adjustment, according to US Census data. But the pattern varies by region, with a jump of 15 percent in the West and 14 percent in the South, while sales in the Northeast and Midwest fell. Sales in December alone slowed unexpectedly compared to November, and results in the prior three months were revised down, but economists warn that the monthly data is highly volatile. The drop last month "does not change the big picture. The trend in new home sales is increasing, tracking the rising trend in mortgage applications," Ian Shepherdson of Pantheon Macroeconomics said in an analysis. But December sales leapt 23 percent higher than the final month of 2018, to a seasonally-adjusted annual rate of 694,000. That sales pace lowered the inventory of available new homes for sale down to 5.7 months, from 7.4 months a year earlier. Meanwhile, the price picture shows the median sales price last month was $331,400, slightly higher than a year earlier, although the median price during all of 2019 was actually lower than 2018. "Despite the softer than expected report, we expect the pace of new home sales to pick up in early 2020, supported by rises in inventory and strong demand," Oxford Economics said in an analysis. US home sales peaked in July 2005 at the top of the housing bubble at more than 1.3 million sales. They reached a low point in February 2011 of 270,000 amid the global financial crisis. hs/cs
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  • US new home sales surge in 2019
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