Closings of transactions trend downward as the industry feels the impact of delays in construction and rising home prices.
Material and labor shortages are creating historic backlog‘s for builders. New home sales were down 19.3% in January 2022.
This press release estimates just 406,000 new homes were available for sale at the end of January. This while the median sales price is now up to $423,300 from $395,500 just in December 2021.
“Despite this temporary decline,housing has continued to be one of the hottest sectors of the economy throughout the pandemic, with growing demand from millennials overlapping with pandemic-related desires for more space or higher-quality housing. As winter ends and we move toward spring buying season, there is much to remain optimistic about in the months to come.” RCLCO Real Estate Consulting principal Kelly Mangold
