The Census Bureau reports New Home Sales in December were at a seasonally adjusted annual rate (SAAR) of 698 thousand. The previous three months were revised down slightly, combined.

Sales of new single-family houses in December 2024 were at a seasonally adjusted annual rate of 698,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 3.6 percent above the revised November rate of 674,000 and is 6.7 percent above the December 2023 estimate of 654,000.

An estimated 683,000 new homes were sold in 2024. This is 2.5 percent above the 2023 figure of 666,000.
emphasis added

Click on graph for larger image.

The first graph shows New Home Sales vs. recessions since 1963. The dashed line is the current sales rate.

New home sales were at pre-pandemic levels.

The second graph shows New Home Months of Supply.

The months of supply decreased in December to 8.5 months from 8.7 months in November.

The all-time record high was 12.2 months of supply in January 2009. The all-time record low was 3.3 months in August 2020.

This is well above the top of the normal range (about 4 to 6 months of supply is normal).

"The seasonally-adjusted estimate of new houses for sale at the end of December was 494,000. This represents a supply of 8.5 months at the current sales rate. "

Sales were above expectations of 670 thousand SAAR, however sales for the three previous months were revised down, combined. I'll have more later today.