2024-03-25 16:49:00
The U.S. Department of Commerce announced on the 25th that the number of new single-family homes sold in February (seasonally adjusted) was 662,000 units, an annualized decrease of 0.3% from the previous month. Photographed in July 2022 (2024 Reuters/Sarah Silbiger)
[ワシントン ２５日 ロイター] – The number of new single-family homes sold in February (seasonally adjusted) was 662,000 units, an annualized decrease of 0.3% from the previous month, the US Department of Commerce announced on the 25th. The decline was contrary to market forecasts compiled by Reuters (675,000 units).
The number of homes sold in January was 664,000, an upward revision from the previously announced 661,000. This shows that demand for new housing is resilient even as the inventory shortage of used housing continues.
The number of units sold in February increased by 5.9% compared to the same month last year.
New home sales account for more than 10% of all home sales in the United States. Since it is recorded at the time of contract, it is a leading indicator of the housing market, but the rate of change from the previous month is subject to large fluctuations.
Builders are ramping up construction of new homes, offering incentives such as lower prices and taking measures to make homes more affordable by reducing floor space.
The number of completed housing units in February announced last week was the highest in about 17 years.
By region, compared to the previous month, sales decreased by 31.5% in the Northeast and by 2.4% in the Midwest. In the densely populated south, the increase was 3.7%, and in the west, the increase was 2.3%.
The median new home price in February was $400,500, the lowest since June 2021. Compared to the same month last year, it was down 7.6%.
Economists welcome decline in median new home prices. It bodes well for both affordability and inflation, he said.
Properties in the $300,000 to $399,000 price range accounted for the majority of sales in February. More new housing is expected to be supplied in the future, which could further curb housing price inflation.
As of the end of February, the inventory of newly built homes was 463,000 units, the highest since November 2022. In January, there were 457,000 units.
The inventory consumption period based on February’s sales pace is 8.4 months. January was 8.3 months.
Housing under construction accounted for 58.7% of inventory. 22.9% of housing units have yet to be built, and 18.4% have completed housing units.
However, Nationwide economist Daniel Vierhaber said, “Interest rate incentives offered by builders reduce the financial burden on buyers and make new homes more attractive, but how long will builders continue to offer these incentives?” Whether that will happen is unknown.”
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