New Home Sales Hit Highest Levels Since 2007

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Posted To: MND NewsWire

New home sales had ended 2019 in a much stronger fashion than they had started the year. December sales were at an annual rate of 708,000 (a revision from the initial estimate of 694,000) and running more than 23 percent above sales a year earlier. With Wednesday’s sales report from the U.S. Census Bureau and the Department of Housing and Urban Development it appears that at least this bull market is extending its run into 2020. New home sales during January were at a seasonally adjusted annual rate of 764,000 units, a 7.9 percent increase over December’s revised number and 18.6 percent above the January 2019 estimate of 644,000 units. The increase was largely national in scope with big gains in the Midwest and West. Sales were much higher than anticipated. Analysts polled by Econoday had expected…(read more)

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