New Home Sales Rise in December, But Headwinds Mounting

New home sales were a bit better than expected in December. The Census Bureau reported new home sales at a seasonally adjusted annual rate (SAAR) of 811,000 units. Previous months were revised lower. The median price of new home came in at $377,700. The average price of new construction contracted in December was $457,300. New home sales are still suffering from supply constraints. Completed inventory remains very low while the number of units technically for sale remains very high. Looking at unadjusted numbers out of the 408,000 homes "for sale" at the end of December [...]