New home sales released
The latest data for new home sales is a mixed bag of metrics: sales of single-family homes are up for the month, but down for the year.
Sales of new single-family houses in November 2022 were at a seasonally adjusted annual rate of 640,000, according to estimates released Friday morning by the U.S. Census Bureau and the Department of Housing and Urban Development. That’s 5.8 percent above the revised October rate of 605,000, but is 15.3 percent below the November 2021 estimate of 756,000.
The median sales price of new houses sold in November 2022 was $471,200, down from 484,700 in October. However, the average sales price increased to $543,600, up from $533,400.
The seasonally-adjusted estimate of new houses for sale at the end of November was 461,000, according to the Friday report. That represents a supply of 8.6 months at the current sales rate.
November data highlights:
• New houses sold (SAAR): 640,000
• New houses for sale (seasonally adjusted): 461,000
• Median sales price: $471,200
A week prior to Friday’s report, the National Association of Realtors reported the 10th consecutive monthly decline in existing home sales.
