Mazdak
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- This decline is unexpected and suggests a bumpy road to recovery for the housing market.
- However, the decline may be temporary, as other indicators such as housing starts and homebuilder sentiment have shown improvement.
- The outlook for the new-homes market in 2024 is positive, with high inventories and expected lower mortgage rates.
- The median sales price of a new home fell 6% from a year ago to $434,700.
- New-housing inventory increased for the fourth consecutive month, reaching the highest level in nearly a year.
- Sales in the South, the largest US region, decreased by nearly 21% to the lowest level since April 2020.
- New-home sales are considered a more timely gauge than purchases of previously-owned homes, which increased by 0.8% in November.
- The new-homes data are volatile, with a confidence range of a 27.8% decline to a 3.4% gain.