New home sales rise in November
After a slight slip in October, new home sales rebounded in November.
Sales of new homes in November increased 1.3% to 719,000 from a seasonally adjusted annual rate of 719,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
The latest report also places new home sales 16.9% above the November 2018 estimate of 615,000.
The median sales price of new houses sold in November 2019 was $330,800, rising 4% from the median October sales price of $316,900. The average sales price was $388,200, up 2.73% from the October average price of $377,900.
The seasonally‐adjusted estimate of new houses for sale at the end of November was 323,000. This represents a supply of 5.4 months at the current sales rate.
“Fueled by the limited number of resales available for purchase, low interest rates and low unemployment, new home sales are finishing the year strong,” said Greg Ugalde, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Torrington, Conn.
By region, new home sales soared 52.4% in the Northeast compared to the prior month. Sales in the Midwest were flat while whiles sales in the South fell 4.1%. Sales in the West rose 7.5%.
On a year-to-date basis, new home sales are 14.5% higher in the South and 12% higher in the West. Sales are down 10.4% in the Northeast and 7.6% in the Midwest.
“With almost all the 2019 data in, the housing rebound continued through second half of the year,” said NAHB Chief Economist Robert Dietz. “New home sales are running 10 percent higher than in 2018, and high levels of builder confidence point to production gains going into 2020.”
Sales of new homes in November increased 1.3% to 719,000 from a seasonally adjusted annual rate of 719,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
The latest report also places new home sales 16.9% above the November 2018 estimate of 615,000.
The median sales price of new houses sold in November 2019 was $330,800, rising 4% from the median October sales price of $316,900. The average sales price was $388,200, up 2.73% from the October average price of $377,900.
The seasonally‐adjusted estimate of new houses for sale at the end of November was 323,000. This represents a supply of 5.4 months at the current sales rate.
“Fueled by the limited number of resales available for purchase, low interest rates and low unemployment, new home sales are finishing the year strong,” said Greg Ugalde, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Torrington, Conn.
By region, new home sales soared 52.4% in the Northeast compared to the prior month. Sales in the Midwest were flat while whiles sales in the South fell 4.1%. Sales in the West rose 7.5%.
On a year-to-date basis, new home sales are 14.5% higher in the South and 12% higher in the West. Sales are down 10.4% in the Northeast and 7.6% in the Midwest.
“With almost all the 2019 data in, the housing rebound continued through second half of the year,” said NAHB Chief Economist Robert Dietz. “New home sales are running 10 percent higher than in 2018, and high levels of builder confidence point to production gains going into 2020.”