In November, sales of new homes hit their second highest peak since 2008, according to data released by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). While these numbers have been fickle month-to-month, this is a hopeful sign of a surge in demand for the new year to come.
November’s new single-family house numbers came in at a seasonally adjusted annual rate of 592,000. This number is 5.2 percent above the October rate, and 16.5 percent above November 2015’s numbers, which landed at an estimated 508,000.
The average sales price for new homes sold in November was $359,900, while the median sales price was $305,400. This is higher than October’s median price of $302,700, but lower than the $317,000 median recorded in November 2015. At the end of the month, the seasonally adjusted estimate of new houses for sale reached 250,000, a supply of over 5 months if the current sale rate remains.
Source: U.S. Census Bureau
For the latest real estate news and trends, bookmark RISMedia.com.