Industry News

New-home inventory rises, prices flatten

Sales of new homes increase most in South, Northeast

Sales of new one-family houses in November 2005 were at a seasonally adjusted annual rate of about 1.245 million, according to estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 11.3 percent below the revised October rate of 1.4 million and is 6 percent above the November 2004 estimate of 1.175 million. The seasonally adjusted annual rate is a projection of a monthly total over a 12-month period, accounting for seasonal fluctuations in sales activity. The median sales price of new houses sold in November 2005 was $225,200, up 0.3 percent from November 2004; the average sales price was $283,300, up 0.04 percent from November 2004. The seasonally adjusted estimate of new houses for sale at the end of November was 503,000. This represents a supply of 4.9 months at the current sales rate, the agencies reported. The months' supply of new houses sold and for sale jumped an estimated 14 percent from November 2004 to 2005, and the supply...