Sales of new single-family homes increased 7.9% (18.6% y/y) during January to 764,000 units (SAAR), the highest level since July 2007. Sales increased from 708,000 in December, revised from 694,000. Figures for 2019 were revised. The Action Economics survey expected sales of 710,000.

The median price of a new home rose 7.4% (14.0% y/y) last month to a record $348,200. The average price of a new home also increased to a record of $402,300 (11.4% y/y). The home price figures are not seasonally adjusted.

Sales activity was mixed across the country in January. In the Midwest, sales rose 30.3% (47.8% y/y) to 99,000. Sales in the West rose 23.5% (49.1% y/y) to 252,000 units. Sales in the Northeast gained 4.8% (46.7% y/y) to 44,000. Working 4.4% lower to 369,000 (-2.4% y/y) were new home sales in the South. 

The supply of homes on the market declined to 5.1 months in January from 5.5 in the prior two months. It was the lowest level since November 2017 and down from a high of 7.4 months at the end of 2018. The medium number of months that a new home was for sale rose to 3.3, up from 3.0 in December.

The data in this report are available in Haver's USECON database. The consensus expectation figure from Action Economics is available in the AS1REPNA database.