A Significant Boost in New Home Sales

Housing Economics Plus
Published

In November 2024, sales of new single-family homes 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 and an 8.7% rise from November 2023.

Regionally, compared to one year ago, 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.

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. (A measure near a 6-month supply is considered balanced.)

New homes sales November 2024

 

Although an 8.9-month supply may be considered elevated in normal market conditions, there is currently 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. However, this measure is expected to increase as more home sellers test the market in the months ahead.

NAHB economist Danushka Nanayakkara-Skillington provides additional insights in this Eye on Housing article.

Subscribe to NAHBNow

Log in or create account to subscribe to notifications of new posts.

Log in to subscribe

Latest from NAHBNow

Trends

May 05, 2025

House Sharing Reaches All-Time High as Affordability Issues Linger

A record-high 6.8 million households shared their homes with unrelated housemates, roommates or boarders in 2023. And young adults are not the only ones driving this growth.

Workforce Development

May 05, 2025

5 Tools Women in Construction Can Use for Personal and Professional Growth

A new title from NAHB's BuilderBooks, "Breaking Ground, Breaking Glass Ceilings," explores what it takes for women to excel in industries traditionally dominated by men, including construction.

View all

Latest Economic News

Economics

May 01, 2025

Housing’s Share of the Economy Grows Higher to Start the Year

Housing’s share of the economy grew to 16.4% in the first quarter of 2025, according to the advance estimate of GDP produced by the Bureau of Economic Analysis. This is the highest reading since the third quarter of 2022 and is up 0.2 percentage points from the fourth quarter of 2024.

Economics

Apr 30, 2025

U.S. Economy Contracted in First Quarter of 2025

The U.S. economy contracted in the first quarter of 2025 for the first time in three years, driven by a sharp surge in pre-tariff imports, softening consumer spending, and a decline in government spending.

Economics

Apr 30, 2025

House Sharing is Not Just for Young Adults

A record-high 6.8 million households shared their housing with unrelated housemates, roommates or boarders in 2023. While college-age and young adults make up the largest subset of house sharers (close to 41%), this type of living arrangement is gaining popularity among older householders fastest, with the 55+ segment accounting for 30% of all house-sharing households in 2023.