Nationally new home sales were found to have fallen in three out of four regions. The Northeast, Midwest and the South all experienced significant slowdowns of 34.1%, 23.3% and 17.5%, respectively. 
It was only in the West where the number of new residential home sales went up and that increase was only 2.1%.
According to the US Department of Housing and Urban Development, the number of new homes sold is on track for an annual rate of 811,000. But the number of new homes built in the year 2021 came in at only 761,000. Even though the numbers seem strong, these numbers were held back from what was estimated to hit 943,000. What was holding back a great deal of the construction was the disruption to the supply chain as well as a shortage of skilled laborers.
According to the figures, as of the end of December there were an estimated 403,000 new homes available for sale on the market, representing a six-month supply.
The median home sale price for newly-constructed houses fell to $377,000 from $416,000 in November, but this is primarily a seasonal drop. Some experts in December estimated that only 22% of the new homes sold were priced under $300,000, which appears to be keeping many first-time buyers out of the market.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.