November panned out to be a month of considerable progress for the housing market, and the latest U.S. Census Bureau new residential sales report is another point on the scoreboard.
New single-family home sales rose to a seasonally adjusted rate of 733,000 — a 17.5 percent month-over-month and a 26.6 percent year-over-year gain in home sales. The estimate of new homes for sale at the end of November was 283,000, which represents a 4.6-month supply at the current sales rate.
Other data from the Census Bureau and HUD:
- The median sales price was $318,700.
- The West led the way in new residential home sales, with a 31.1 (+/- 26.5)* percent month-over-month increase. The South experienced the second highest rate of month-over-month growth at 14.9 (+/- 14.5)* percent.
- The Northeast and Midwest shored up the end of the pack with 9.5 percent (+/- 26.6)*and 6.9 percent
(+/- 16.3)* growth month-over-month, respectively.
The Census Bureau and HUD use sample surveys to collect data for their home sales, which means this data is subject to sampling variability as well as the typical statistical variance. * The survey is based on a sample of houses pulled from building permits. “Sales” are defined as deposits taken or sales agreements signed, not necessarily closings.