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

Economics

Sep 05, 2025

Mortgage Rates Hit 10-Month Low in August

Average mortgage rates in August continued their steady decline and are now at their lowest rate since last November. But rates are still higher year over year.

Economics | Land Development

Sep 04, 2025

Home Building Lot Shortage Continues

Although lot shortages are not quite as widespread as they were in 2021, obtaining lots remains a challenge for many home builders, according to recent results from the NAHB/Wells Fargo Housing Market Index (HMI) survey.

View all

Latest Economic News

Economics

Sep 05, 2025

Job Growth Slowed in August

Job growth slowed sharply in August, and the unemployment rate rose to its highest level in nearly four years.

Economics

Sep 04, 2025

Lots Still in Relatively Short Supply

Although shortages are not quite as widespread as they were in 2021, obtaining lots remains a challenge for many builders, according to recent results from the NAHB/Wells Fargo Housing Market Index (HMI) survey.

Economics

Sep 04, 2025

HVAC in New Construction in 2024

Almost all of new single-family homes started in 2024 used either an air/ground source heat pump or a forced air system for the primary heating equipment (97%), according to the Census’s Survey of Construction. Additionally, 20% percent of homes also used a secondary type of heating equipment.