Newsroom
New-home sales fall in January after December’s 12-month high
New-home sales fell 4.5 percent in January to 801,000 annualized units, while December saw an upward revision of 28,000 units. Compared to last year, January sales were 19.3 percent lower. NAFCU Chief Economist and Vice President of Research Curt Long analyzes the data in the latest Macro Data Flash report.
“New home sales fell in January after December's 12-month high,” said Long. “Supply chain issues are still bedeviling builders who face increased difficulties obtaining land, labor and materials.
"This has pushed back construction timelines,” added Long. "Seventy-five percent of sales this month were of homes not yet completed, while completed homes are remaining on the market for just 2.5 months, matching an all-time low dating back to 1975. The overall inventory situation in the new home market is better than for existing homes, leading to lower overall price appreciation in the former than in the latter."
Sales fell in three Census regions with the Northeast falling 10.7 percent, followed by the South (- 7.4 percent), and the Midwest (-3.7 percent). The West region rose 1.2 percent on the month.
Based on current month sales, there were 6.1 months of supply in January, up by 0.5 months from December. Unsold homes left on the market increased by 12,000 homes to 406,000 in December, representing a 34.4 percent increase from year-ago inventory levels.
“The housing market is desperate for inventory of any stripe, but supply chain snags have been slow to thaw," noted Long. "Rising mortgage rates could help bring greater balance between supply and demand, but that is unlikely to happen until the second half of the year.
"For now, home sales should continue to trend up slowly as supply constraints result in plenty of unmet demand," concluded Long.
Of note, the median home price, non-seasonally adjusted, rose by 7.0 percent in January to $423,300, which is 13.4 percent higher than last year.
For more economic updates from NAFCU's award-winning research team, view all of NAFCU's Macro Data Flash reports.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 2024 Mid-Year Fraud Review Listen On: Key Takeaways: [01:16] Check fraud continues to be rampant across the country. Card fraud is affecting everyone. [04:31] Counterfeit US passport cards are just another new toolbox in the bad actors’ toolbox. [07:21] Blocking the fallback is the only way to defeat counterfeit cards. [11:17] The best way is constant education to your members in as many channels as you can. [13:02] We are still seeing overdraft lawsuits. Make sure the programming you have at your credit union matches what you have displayed for the members. Web NAFCU digital@nafcu.org America/New_York public
2024 Mid-Year Fraud Review
Strategy & Growth, Consumer Lending
preferred partner
Allied Solutions
Podcast
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 The Evolving Role of the CISO in Credit Unions Listen On: Key Takeaways: [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically. [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters. [18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions. Web NAFCU digital@nafcu.org America/New_York public
The Evolving Role of the CISO in Credit Unions
preferred partner
DefenseStorm
Podcast
Get daily updates.
Subscribe to NAFCU today.