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After climbing to record-level highs during the second half of last year, sales of new homes in the US retreated in January following a flurry of purchases at the end of 2021. New home sales fell -4.5% to 801,000 units last month from 839,000 in December. Sales tumbled -19.3% from 993,000 units in January 2021.
The median price of a new home, however, was sharply up in January, to US$423,300 from US$395,500 the previous month. This is up a whopping +13.4% from a year earlier when it was US$373,200.
There were 406,000 new homes on the market in January, up from 394,000 in December and up from 302,000 in January 2021.
After a big pop the previous week, for the week ending February 25, 2022 the price of benchmark softwood lumber item Western Spruce-Pine-Fir 2×4 #2&Btr KD (RL) was US$1,350 mfbm. This is up by +$20, or +2%, from the previous week when it was $1,330, said forest products industry price guide newsletter Madison’s Lumber Reporter.
That week’s price is up by +$173, or +15% from one month ago when it was $1,178.