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Home > Coronavirus > CHART OF THE DAY: New home sales bounce back

CHART OF THE DAY: New home sales bounce back

Jan. 28, 2021 by Troy Merkel

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New home sales bounced back to 842,000 in December, representing a 1.8% increase over the previous month, the Commerce Department reported on Thursday. The 11% month-over-month decline in November was a jarring halt to the red-hot housing market that had new home sales in excess of 949,000 from July through October.

While many saw that decline as a waning of homebuyer interest, the lack of inventory and uncertainty around the election may have more likely been the reason. Inventory remains at record lows, with only 302,000 new homes on the market. This lack of inventory, combined with record low interest rates, continues to drive housing prices up, with the median price reaching $355,900 in December. This represents a 3.5% increase over November.

For more information on how the coronavirus pandemic is affecting midsize businesses, please visit the RSM Coronavirus Resource Center.

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Filed Under: Coronavirus, Real Estate Tagged With: coronavirus, Covid-19, new home sales

About Troy Merkel

@troymerkel

Troy Merkel is a Partner and Real Estate Senior Analyst at RSM. He has 15 years of experience in audit and consulting, with a particular emphasis in real estate and financial services reporting, in accordance with US GAAP, IFRS, NCREIF PREA Reporting Standards and income tax basis. He is also an expert in accounting for asset acquisitions and complex leases and specializes in various tax-advantageous, in particular Opportunity Zones and government subsidized deal structures.

In 2018, Troy was selected as a senior analyst in RSM’s cutting edge Industry Eminence Program, which positions its senior analysts to understand, forecast and communicate economic, business and technology trends shaping the industries RSM serves. These senior analysts advise clients on conditions impacting middle market leaders. Troy’s focus is on the real estate industry.

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