New Home Sales Grow

New home sales in the U.S. grew at a rate of 4.3 per cent, outpacing existing home sales which grew 0.6 per cent in January, the Census Bureau and U.S. Department of Housing and Urban Development. Compared to January 2020, home sales are 19.3 per cent higher. The data shows last April was the low point of sales for the 2020 recession. The April rate was 26 per cent lower than the prior peak, pre-recession rate set in January. Sales-adjusted inventory levels remained lean in January, coming in at a four-month supply. Inventory by count increased in January, but is 5.5 per cent lower than a year ago. Moreover, the count of new homes offered for sale that have not started construction has increased 45 per cent over the last year, rising from 56,000 to 81,000.