Redfin: Q4 New Home Sales Up 8.8 Percent
February 11, 2020
New home sales during the fourth quarter recorded an 8.8 percent year-over-year, the biggest gain in more than two years and the third consecutive quarter of increases, according to new data from Redfin.
While sales were up, inventory went in the opposite direction: the 11.1 percent year-over-year decline was the largest decrease since 2012 and marked the third straight quarter of declines.
National sale prices of new homes were also down, dipping by 0.3 percent from one year ago to a median of $369,900 in the fourth quarter, which marked the smallest drop out of the past three consecutive quarters of declines.
“The market has seen a mismatch between where new construction of homes are needed the most and where new homes are being built, and that's because builders are focused on areas where they can cheaply acquire and develop land,” said Redfin Chief Economist Daryl Fairweather.
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