While the seasonally adjusted pace of new single-family home sales in the U.S. ticked up 2.3 percent last month to an annualized rate of 616,000 sales, the pace was 26.6 percent lower than at the end of 2021, 34.7 percent lower than at the end of 2020 and 15.7 percent below the pace of sales at the end of 2019, prior to the pandemic having hit, with 16.4 percent fewer new homes having sold last year (644,000) than in 2021 (771,000).
At the same time and despite a slowdown in construction, the net number of new homes on the market held at 461,000, representing 18.5 percent more homes on the market than at the end of 2021 and 9.0 months of inventory, which technically represents a “strong buyer’s market” for those who like that stat.
