Sales of new single-family houses in December were at a seasonally adjusted annual rate of 698,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
Contracts signed on new homes rose 3.6 percent above the revised November rate of 674,000 and is 6.7 percent above the December 2023 estimate of 654,000.
The rise came despite mortgage rates shooting higher during the month. They rose above 7% for the average 30-year loan.
The median sales price of new houses sold in December 2024 was $427,000. The average sales price was $513,600.
The seasonally-adjusted estimate of new houses for sale at the end of December was 494,000.
That represents a supply of 8.5 months at the current sales rate.
Earlier this month, home builders said cancellations on new homes were increasing because of high mortgage rates.
Sales of previously owned homes slipped to their weakest level in about three decades last year on the back of high housing prices and mortgage rates, according to industry data released on Friday.
