New Home Sales Increased 4.3% In November

Posted by Patrick Barnard on December 23, 2015 No Comments
Categories : Residential Mortgage

New home sales were at an annual rate of about 490,000 in November – an increase of 4.3% compared with about 470,000 in October and an increase of 9.1% compared with about 449,000 in November 2014, according to figures released by the U.S. Census Bureau and U.S. Department of Housing and Urban Development.

The median sales price of a new home sold in November was $305,000; the average sales price was $374,900.

As of the end of November, there were about 232,000 new homes for sale – about a 5.7-month supply at the current sales rate.

Regionally, sales rose 20.5% in the West and 4.5% in the South. Sales fell 28.6% in the Northeast and 8.6% in the Midwest.

“It is encouraging to see new home sales continue to tick upward,” says Tom Woods, chairman of the National Association of Home Builders (NAHB), in a release. “Builders are also increasing their inventory even as they face difficulties accessing lots and labor.”

“Limited gains in new home sales can be attributed to a weak existing sales report,” adds David Crowe, chief economist for NAHB. “People who already own a house comprise most of the new residential construction market, and they often must sell their existing home before making another purchase.”

Register here to receive our Latest Headlines email newsletter

Leave a Comment