New home sales decreased in November

New single-family home sales decreased to a seasonally adjusted annual rate of 590,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The November reading was 12.2% below the revised October rate of 672,000 but is 1.4% above the November 2022 estimate of 582,000.

The drop in new home sales was driven by decreases in the South (-20.9%) and West (-5.1%), while there were increases in the Midwest (25.0%) and Northeast (3.1%).

The median sales price of new houses sold in November was $434,700, up 4.8% from October. The average sales price was $488,900, down 1.9% for the month.

At the end of November, the seasonally adjusted estimated supply of new houses for sale at the current sales rate increased to 9.2 months, from 7.9 months’ supply in October.

Read the Census/HUD release.