Sales of new single‐family houses in November were at a seasonally adjusted annual rate of 590,000, according to estimates from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. This marked a 12.2% drop from the revised October rate of 672,000, as well as a 1.4% uptick from the November 2022 estimate of 582,000.
The median sales price of new houses sold in November was $434,700 and the average sales price was $488,900. The seasonally adjusted estimate of new houses for sale at the end of November was 451,000, which represents a supply of 9.2 months at the current sales rate.
Earlier this week, the National Association of Realtors released data that found total existing home sales rose by 0.8% from October to a seasonally adjusted annual rate of 3.82 million in November. However, the year-over-year sales total dropped by 7.3% from 4.12 million in November 2022.
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