New home sales in November were at a seasonally adjusted annual rate of 464k, the U.S. Census Bureau reports. That is down 2.1% from October’s revised rate of 474k, but is otherwise the fastest rate of new home sales since July 2008.
New home sales, seasonally adjusted, increased in 2 of the 4 U.S. regions in November:
- Northeast: SAAR of 38k from 33k last month.
- Midwest: SAAR of 47k from 64k last month.
- South: SAAR of 261k from 287k last month.
- West: SAAR of 118k from 90k last month.
The rate of new home sales in November is up 16.6% from a year ago.
The median sales price of new houses sold in November was $270.9k, up from $259.2k in October.
The average sales price was $340.3k, up from $326.8k in October.
The seasonally adjusted estimate of new houses for sale at the end of October was 167k. This represents a supply of 4.3 months at the current sales rate.