A Significant Boost in New Home Sales
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.)
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.
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