New-Home Sales Skid in January

New-home sales skidded in January, with sales of new, single-family homes down 7.8 percent to 593,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). The average new-home sales price was $382,700, while the median was $323,000. New-home listing inventory was 301,000—6.1-months supply.
“The moderation in new-home sales may be attributable to the interest rate environment, which could be causing short-term market volatility,” said M