New home sales rose in January from December, as mortgage rates eased off their highs of the past year at the start of 2023
Sales of newly constructed homes were up 7.2% in January from December, but fell 19.4% from a year ago, according to a joint report from the US Department of Housing and Urban Development and the US Census Bureau. January’s month-over-month gain was the same as an upwardly revised 7.2% jump in December from November, and suggests the housing market may be stabilizing.
But in addition to volatile mortgage rates, another challenge for many buyers has been finding homes on the market to buy. “Price adjustments and builder incentives helped to push the sales pace in a positive direction,” she said. “January had the lowest level of existing home sales in over a decade – and motivated buyers are increasingly seeking new homes because there is limited resale inventory available.
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