New Single-Family Home Sales, Inventories, and Prices Rise in November

New Single-Family Home Sales, Inventories, and Prices Rise in November

Sales of new single-family homes posted a gain in November, increasing 12.4 percent to 744,000 at a seasonally-adjusted annual rate from a 662,000 pace in October. Despite the gain, sales are down 14.0 percent from the year-ago level (see top of first chart). New home sales surged in the second half of 2020 but then slowed sharply in the first half of 2021. Since June of this year, sales have been slowly trending higher again (see top of first chart).

Sales of new single-family homes were up in three of the four regions of the country in November. Sales in the South, the largest by volume, rose 2.7 percent while sales in the West gained 53.2 percent, and sales in the Northeast increased 15.6 percent while sales in the Midwest were off 25.4 percent for the month. From…

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