New Home Sales Increase in November

(Illustration courtesy of U.S. Census Bureau/HUD)

New single-family home sales increased significantly in November, according to the U.S. Census Bureau and the Department of Housing and Urban Development.

New home sales were at a seasonally adjusted annual rate of 664,000, HUD and Census reported. This was 5.9% above the revised October rate of 627,000 and 8.7% above November 2023’s estimate of 611,000.

The report noted the median sales price of new houses sold in November was $402,600 and the average sales price was $484,800.

The seasonally-adjusted estimate of new houses for sale at the end of November was 490,000—a supply of 8.9 months at the current sales rate, the report said.