The seasonally adjusted annual pace of new single-family home sales in the U.S. jumped 11.6 percent in December to an annual rate of 481,000 sales while the November pace was downwardly revised from 438,000 to 431,000.
New home sales are now running at a pace which is 8.8 percent higher than at the same time last year but 28 percent lower than the long-term average over the past 50 years (664,000). The pace of new single-family home sales in the U.S. as measured in December peaked at 1,242,000 in 2004, 158 percent higher than last month.
In the West, the pace of new home sales only increased 3.1 percent from November to December but is running 23.6 percent higher versus the same time last year (versus 10.7 percent higher on a year-over-year basis last month).
And in terms of inventory, the number of new single-family homes for sale in the U.S. is currently 11.1 percent higher than at the same time last year, with the greatest number of new homes on the market (219,000) since 2010.