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.
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