Real Estate Perspectives
February 07, 2023 | Suzanne Powers

Housing Market Update | Milwaukee Real Estate

New Home Sales: New Sales Slipping Further from Peak

Housing Market Update | Milwaukee Real Estate

Market Update

New Home Sales: New Sales Slipping Further from Peak

  • There were 616,000 new home sales nationwide in December (SAAR), up 2.3% from November and down 26.6% from December 2021, according to the U.S. Census Bureau.
  • The median sales price of new houses sold in December was $442,100.
  • The seasonally-adjusted estimate of new houses for sale at the end of December was 461,000, a supply of 9 months at the current sales rate.

Residential Investment Continued to Hold Back the US economy in the Fourth Quarter

  • Real Gross Domestic Product (RGDP) increased at a seasonally adjusted annual rate of 2.9 percent in the fourth quarter of 2022. Real GDP increased 2.1 percent in 2022.
  • Residential fixed investment decreased by 10.7 percent in 2022 as new single-family construction and brokers’ commissions fell.
  • Final sales to domestic purchasers rose only 0.8 percent in the fourth quarter – highlighting weakness in the domestic economy. For the year, final sales to domestic purchasers increased 1.7 percent compared to 6.7 percent in 2021.

Experience a seamless home selling and buying process with Powers Realty, Milwaukee’s trusted local experts for over 2 decades. Our tailored approach ensures optimal results. Contact me today to discuss your home needs.

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