According to the National Association of Manufacturers’ (NAM) Monday Economic Report for this week, new single-family home sales rose 1.5% in January, extending the 7.2% gain in December and increasing from 651,000 units to 661,000 units. Sales increased in every region except the South. Affordability remains an issue for many homebuyers. The average 30-year fixed-rate mortgage has increased in recent weeks yet is significantly lower than in late October.
 
There were 8.3 months of supply for new single-family homes in January, unchanged from December data. The median sales price was $420,700 in January, continuing to move lower since reaching a record $496,800 in October 2022.

The Index of Consumer Sentiment dropped from 79.0 in January to 76.9 in February, according to preliminary data from the University of Michigan and Thomson Reuters. Consumers felt less confident about both current and future conditions. Americans remain uncertain about the economy and the political environment, and overall, consumer confidence remains below the historical average.