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US Residential Sales Drop as Average Prices Near $500,000

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New residential sales in the United States declined in January, with inventory surging to over 400,000 units during the month as average sales prices neared $500,000.

Source: US Census Bureau

XHB is up 0.36%, while ITB is up 1.48%.

Sales of new units stood at 801,000 in January, 4.5% lower than the 839,000 in December and 19.3% lower than the 993,000 the same month in 2021. The South accounted for the biggest share with 473,000.

Inventory for the month climbed to 406,000 for the month, up 3.0% from the 394,000 in the previous month, and 34.4% higher than the 302,000 recorded in the same month of 2021.

The median sales price stood at $423,300, up from $395,000 in December and $373,200 in January 2021. The average sales price climbed to $496,900, higher than the $482,300 in December and $418,600 in the same month last year.

 

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