Sales of new, single-family homes rose 7.9 percent to a seasonally adjusted rate of 764,000 from December to January.
That number is also 18.6 percent higher than the January 2019 estimate of 644,000 sales, according to the latest residential sales report from the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). The number of sales has been inching up quickly over the last year as more people try to take advantage of low interest rates and buy a home.
The median sales prices of all new homes sold in January was $348,200 while the number of new homes for sale was 324,000. There are currently also 324,000 new homes for sales on the market — a supply of 5.1 months at the current sales rate.