New Single-Family Home Sales Surged in November

Coming on the heels of the National Association of Realtors’ positive report on November existing-home sales, the US Census Bureau and the US Department of Housing and Urban Development’s latest press release on new single-family home sales was encouraging.

Nationally, new residential sales climbed by 5.2% compared to October on a seasonally adjusted annual rate. Single-family home sales were also 16.5% higher than the same time last year. In the western part of the country, new single-family home sales grew by 7.7% month-over-month and were 10.8% higher than in November 2015.

Median and average sales prices of new homes also made gains in November. The median sales price was $305,400 compared to $302,700 in October. The average sales price climbed to $359,900 from $354,700 the previous month.

New single-family home inventory dipped slightly in November to a 5.1-month supply at the current sales pace. In October, the inventory was reported at a 5.2-month supply. To read the entire press release, visit http://1.usa.gov/10tP2Rv.

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