January 28, 2023

U.S. new homes sales rose +2.3% m/m in December, but were down -26.6% from a year ago. For Q4 as a whole, sales rose +4.4% q/q, down -19.9% from a year before. For 2022 as a whole, sales were down -16.5% from 2021.

US existing home sales fell -1.5% m/m in December, down -34.0% from a year ago.

The media sales price of new homes fell -3.7% m/m in December, but was still up +7.8% from a year ago. For Q4 as a whole, prices fell -0.3% q/q, but were still up +9.8% from a year before. For 2022 as a whole, median prices were up +14.7% from 2011.

The median sales price of existing homes fell -1.5% m/m in December, but was still up +2.3% from a year ago.

The Case-Shiller U.S. National Home Price Index appears to have peaked in June. It fell -0.5% m/m in October, but was still up +9.2% from a year ago. (There is a several month lag in reporting this index).

The NAHB/Wells Fargo Housing Market Index rose slightly, and unexpectedly, in January to 35, after a steady series of declines over the past year.

US new housing starts fell -1.4% m/m in December, down -21.8% from a year ago. For Q4 as a whole, starts fell -3.2% q/q, down -16.4% y/y. For 2022 as a whole, housing starts were down -3.1% compared to 2021.

New residential construction permits fell -1.6% m/m in December, down -29.9% from a year ago. For Q4 as a whole, permits fell -12.5% q/q, down -21.2% y/y. For 2022 as a whole, permits were down -5.1% compared to 2021.

U.S. private residential construction spending peaked in May. It fell -0.5% m/m in November, but is still up +5.3% from a year ago. However, this is not adjusted for inflation, so real spending was likely either flat or negative.