Sales of new single-family homes rose 4.4 percent from October to November and were up 15.3 percent from a year ago to a seasonally adjusted annual rate of 377,000, the U.S. Census Bureau reported today.
New-home inventory tied its lowest point of the year with an estimated 149,000 new homes for sale in November, representing a 4.7-month supply.
At $246,200, the median sales price of homes sold in November was up 14.9 percent from a year ago and 3.7 percent from October, but down nearly 3 percent from a 2012 peak of $253,200 in August.
Home sales and prices typically show greater strength in the spring. Although the Census Bureau adjusts sales figures to account for seasonal factors, it does not adjust median home prices. Existing-home prices in major metros tracked by the S&P/Case-Shiller 20-City Composite index also showed a seasonal sag in October if not adjusted for seasonal factors.
Bill McBride, author of the blog Calculated Risk, said he expects new-home sales to double within the next several years as distressed sales continue to decline.
Source: Calculated Risk blog.