US new home sales fell -10.5% MoM and -1.1% YoY to 657k in January, below the consensus estimate of 680k.

• Months’ supply jumped 12.5% MoM to 9.0 months, up 8.4% YoY from the 8.3x supply reading in January 2024.
• The median sales price jumped to $446,300, higher than any 2024 median price. The average price increased slightly to $510,000.
• Only 41% of new homes sold in January were priced under $400k, the lowest in 18 months.