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
Education | Economics | Remodeling
Aug 21, 2026
Experts Forecast the Remodeling Industry's Future
NAHB’s Mid-Year Remodeling Forecast Update webinar reviewed how the remodeling industry will weather changing economic conditions, homeowner priorities and market demand.
Safety
Aug 20, 2026
OSHA Hazard Communication Compliance Deadline Set for Nov. 20
A deadline for compliance with 2024 revisions to OSHA’s Hazard Communication Standard (HCS) is approaching for home builders and other downstream chemical users. Employers must comply with revised classifications or hazard information for substances in their workplaces by Nov. 20, 2026.
Latest Economic News
Economics
Aug 21, 2026
Second Quarter Declines for Single-Family Built-to-Rent
Single-family built-for-rent (SFBFR, or built-to-rent (BTR)) construction fell back in the second quarter of 2026, as a higher cost of financing, increased multifamily supply and policy concerns over Congressional legislation related to institutional capital froze parts of the development market.
Economics
Aug 20, 2026
Short-Term Townhouse Construction Weakness
Second quarter 2026 data reveal softer conditions for townhouse construction as housing affordability challenges affect homebuyer demand, particularly in larger metropolitan markets.
Economics
Aug 19, 2026
Flat Conditions for Custom Home Building
With overall single-family construction down almost 7% for the first seven months of 2026, custom home building has been a relative bright spot for the residential construction industry.