New home sales increased 3.6% MoM and 6.7% YoY to an annual rate of 698,000 in December, beating expectations of a 670,000 annual rate. Months’ supply fell -2.3% MoM to 8.5x but still up 3.7% YoY. The median sales price increased $24,000 to $427,000 to end the year, but the 2024 average is down -2.0% vs the 2023 average.

US new home sales increased 10.9% MoM and 3.3% YoY to a SAAR of 743k in April, above expectations of sales of 692k and the highest since February 2022. On a YTD basis, sales were down -1.2%.

• Months’ supply dropped from 9.1x in March to 8.1x in April, still above the 7.7x reading from a year ago.
• The median sales price increased 0.8% MoM to $407,200 but was down -2.0% YoY. The average sales price of $518,400 was up 3.7% MoM and 3.6% YoY.