U.S. Housing Saw A Significant Boost in New Home Sales as 2024 Came to a Close
Sales of new single-family homes reached a seasonally adjusted annual rate of 664,000 in November 2024, according to newly released data from HUD and the U.S. Census Bureau. With this, a 5.9% increase from October’s revised figures and an 8.7% rise from November 2023 is marked.
Regionally, when compared with one year ago, new home sales are up 13.6% in the South and 10.0% in the Midwest. However, this comes as sales declined 1.4% and 11.5% in the West and Northeast, respectively.
According to the National Association of Home Builders (NAHB), The median new home sale price in November edged down 5.4% to $402,600 and is down 6.3% from a year ago.
New single-family home inventory in November remained elevated at a level of 490,000, up 8.9% compared to a year earlier. This represents an 8.9-month supply at the current building pace. (A measure near a 6-month supply is considered balanced.)