Washington, D.C.—This November, new home sales (single-family) reached a seasonally adjusted annual rate of 664,000, according to newly released data from HUD and the U.S. Census Bureau. This marks a 5.9% increase from October’s revised figures as well as an 8.7% rise from November 2023.
This marks regional improvements compared to one year ago, as new home sales are up 13.6% in the south and 10.0% in the Midwest. However, sales declined 1.4% and 11.5% in the west and northeast, respectively, according to the National Association of Home Builders (NAHB).
The median new home sale price in November edged down 5.4% to $402,600 and is down 6.3% from a year ago.
New single-family home inventory in November remained elevated at a level of 490,000—up 8.9% compared to a year earlier. This represents an 8.9-month supply at the current building pace. For reference, a measure near a 6-month supply is considered balanced.
While an 8.9-month supply may be considered elevated in normal market conditions, currently, there is only a 3.8-month supply of existing single-family homes on the market. Combined, the 4.5-month supply of new and existing homes remains below historic norms.
On a positive note, however, this measure is expected to increase as more sellers test the market in the months ahead, the NAHB said.
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