US New Home Sales Highest in 8 Months

Sales of new single-family houses in the United States jumped 16.9 percent from the previous month to a seasonally adjusted annual rate of 657 thousand in November of 2018, following a downwardly revised 8.3 percent fall in October and beating market expectations of 560 thousand. It is the highest reading since March 2018, led by sales in the South, the Midwest and the Northeast while those in the West fell.

New home sales surged in the South (20.6 percent to 374 thousand), the Midwest (30.5 percent to 77 thousand), and the Northeast (100 percent to 46 thousand) but fell in the West (-5.9 percent to 160 thousand).

The median sales price of new houses sold was USD 302,400 in November, below USD 343,400 in the same month of the previous year. The average sales price also fell to USD 362,400 from USD 388,500 a year ago.

The stock of new houses for sale edged up 0.6 percent to 330 thousand in November. This represents a supply of 6 months at the current sales rate.

Year-on-year, new home sales decreased 7.7 percent. 

US New Home Sales Highest in 8 Months

US Census Bureau | Joana Taborda |
1/31/2019 3:17:35 PM