New Home Sales Surged 17.5% in November

New single-family home sales increased to a seasonally adjusted annual rate of 733,000 in November, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The November level was 17.5% above the downwardly revised October rate of 624,000 and 26.6% above the November 2016 estimate. November’s sales were the strongest figure since November 2007.

Sales grew in each of the four regions, led by the West, which jumped 31.1%. The Midwest, Northeast and South posted gains of 6.9%, 9.5% and 14.9%, respectively.

The median price of a new home was $318,700, down 0.3% from October. The average price was $477,100.

At the end of November, the seasonally adjusted estimated supply at the current sales rate declined from 5.4 months to 4.6.

Read the Census/HUD release.

About Stephen Newton

Stephen Newton is an economic research associate at ABA.
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