The median sales price fell 7.5 percent, following a smaller decline of 0.5 percent in December. However, even with this large monthly decline, prices were up 4.5 percent from a year prior.
At the current sales pace, the months supply of inventory of homes for sale rose to 9.1 from 8.0. The ratio had been falling steadily through October; however this has moderated over the past three months as sales have declined. Before new home prices solidly form a bottom, it is likely that the inventory ratio will have to approach the historical average of around 4.5 months.
|Sales (millions SAAR)||0.31||0.35||0.36||0.4||0.39||0.41|
|Median Price (‘000s)||$203.40||$219.90||$220.90||$214.70||$217.30||$210.20|
10.02.24 (Source: Census Bureau)