November sales of newly built, single-family homes were 20.8 percent higher than they were at the same time last year, according to new numbers released by the U.S. Census Bureau and the Department of Housing and Urban Development. The gains are an encouraging sign, especially when combined with recent improvements in residential construction numbers.
New Home Market Thriving
The new home market is vital to the housing market’s overall health, especially at a time when for-sale inventory is low – as it is now. And since new home construction is the quickest way to add supply when inventory falls behind demand, an accelerating new home market can signal better balance and fewer price spikes in the days ahead. However, while the year-over-year numbers were good, November’s sales pace was slower than the month before, which is a sign that the market may have begun to wind down for the winter. Also in the report, the median sales price of new homes sold in November was $335,300. The average price was $390,100. Click on the link for more information.
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