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.
Latest from NAHBNow
Disaster Response
May 27, 2025
Home Builders Fund Helps Rebuild Homes After Natural DisastersThis year, natural disasters have once again left a trail of destruction across the country. In response, the HBIDRF has stood alongside local and state HBAs as they support their communities and members in times of crisis.
Membership | Housing Affordability
May 23, 2025
Florida Builders and Local Leaders Team Up to Create Lasting Affordable HousingAn innovative partnership between the HBA of West Florida and local lawmakers is offering a blueprint for how communities across the U.S. can create lasting, affordable housing.
Latest Economic News
Economics
May 27, 2025
Building Material Price Growth Minimal in AprilPrices for inputs to new residential construction—excluding capital investment, labor, and imports—fell 0.4% in April, following a (revised) increase of 0.8% in March. These figures are taken from the most recent Producer Price Index (PPI) report published by U.S. Bureau of Labor Statistics.
Economics
May 26, 2025
State-Level Employment Situation: April 2025Nonfarm payroll employment increased in 40 states in April compared to the previous month, while it decreased in 10 states and the District of Columbia. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 177,000 in April following a gain of 185,000 jobs in March.
Economics
May 23, 2025
Volatile Spring Selling Season ContinuesThe Census estimate of new home sales posted an unexpected gain in April even as builders and consumers continue to deal with economic uncertainty, elevated interest rates and rising building material costs.