Sales of new homUS single-family homes increased to a seven-month high in November, attributable to a massive shortage of previously owned homes on the market.
Source: US Department of Commerce
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New home sales increased by 12.4% to a seasonally adjusted annual pace of 744,000 units last month, the highest level since April.
October’s sales rate was revised downwards to 662,000 units from the initially reported 745,000 units.
Sales increased in the densely populated South as well as in the West and Northeast but dropped in the Midwest.
Sales plunged 14.0% on a year-on-year basis in November. They peaked at a rate of 993,000 units in January, the highest level since the end of 2006.
The median new house price increased 18.8% in November to $416,900 from a year earlier. There were 402,000 new homes on the market, an increase from 392,000 units in October.
At November’s sales rate, it would take 6.5 months to utilize the supply of houses on the market, a decrease from 7.1 months in October.