New home sales ticked upward in January, according to the latest Monthly New Residential Sales Report.

Released this morning by the U.S. Census Bureau and the Department of Housing and Urban Development, the latest data indicates that sales of new single‐family houses in January 2024 were at a seasonally adjusted annual rate of 661,000. This is 1.5% above the revised December rate of 651,000.

The latest figure is also 1.8% above the January 2023 estimate of 649,000.

The median sales price of new houses sold in January 2024 was $420,700, rising 1.8% from the December 2023 revised median price of $413,000.

The average sales price in January saw larger gains, rising 8.3% to $534,300 compared to the revised December 2023 average price of $493,400.

Here’s how new single-family home sales performed on a regional basis in January 2024:

Sales in the Northeast jumped 72% on a month-over-month basis and rose 4.9% on a year-over year basis.

In the Midwest, sales were up 7.7% compared to the prior month but fell 4.1% on a year-over-year basis.

The South saw sales drop 15.6% compared to December while falling 13.5% compared to January 2023 sales.

Sales in the West soared by 38.7% compared to the prior month while seeing a massive 57% gain compared to sales in January 2023.