While 2018 ended with the total number of new single-family home sales across the U.S. having ticked up 1.5 percent versus the year before, the pace of new sales was down at the end of the year. And in the first month of 2019, the seasonally adjusted rate of new home sales dropped 6.9 percent to 607,000, down 4.1 percent versus January of 2018.
At the same time, while the number of new single-family homes for sale across the county ticked down by 1.5 percent to 346,000 at the end of January, inventory levels remain 13.9 percent higher on a year-over-year basis, representing 6.6 months of supply.
And the median sale price in January was $317,200, down 3.8 percent versus the same time last year with an average sale price of $373,100, which was down 1.2 percent on a year-over-year basis as well.
Out West, the seasonally adjusted pace of new single-family home sales in January (184,000) was down 3.2 percent on a year-over-year basis with 0.5 percent fewer new homes having sold in all of 2018 versus the year before and 21.3 percent more inventory (a total of 91,000 new homes) currently on the market.