Coupled with strong buyer demand and looming mortgage rates in the coming months, new home sales ended 2021 on a high note. New home sales reached their highest level since March 2021.

According to National Association of Home Builders (NAHB), sales of newly built, single family homes in December 2021 increased 11.9 percent to an 811,000 seasonally adjusted annual rate. New home sales, however, were down 7.3 percent in 2021 compared to 2020.

 

"Though builders continue to grapple with higher construction costs, the December data reveal ongoing demand for new construction, given lean inventories of resale homes," NAHB Chairman Chuck Fowke explained.

Inventory remained steady with a six-months supply, with 403,000 new single-family homes for sale, up 34.8 percent from December 2020.

The median sales price fell to $377,700 from $416,100 in November but was up from the $365,300 median price from the prior year, due primarily to higher costs, including materials.


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