New Home Sales Disappoint in December

New Home Sales slowed in December, retreating from the post-recession record-setting pace in November. The slowdown was most pronounced in the South and Midwest. For full-year 2017, new home sales rose 8.4% while existing home sales rose 1.6%. The 8.4% rate for new home sales represents a disappointing slowdown from the 15% rate seen earlier in 2017. The TTM rate is expected to continue to slow into 2018 as the comparisions become very tough this Spring. The average sales price was $398,900 and there is 5.7 months of supply.

Below is the SAAR chart from the US Census Bureau.