Updated: 23-Dec-19 10:16 ET

November New Home Sales

Updated: 23-Dec-19 10:16 ET

Highlights

• New home sales in November increased 1.3% m/m to a seasonally adjusted annual rate of 719,000 units (Briefing.com consensus 735,000) from a downwardly revised 710,000 (from 733,000) in October.
• On a yr/yr basis, new home sales were up 16.9%.

Key Factors

• The median sales price increased 7.2% yr/yr to $330,800. The average sales price increased 5.8% yr/yr to $388,200.
• Sales by region were as follows: Northeast (+52.4%); Midwest (0.0%); South (-4.1%); and West (+7.5%).
• The percentage of homes priced at $399,999 or less accounted for 65% of new homes sold, down from 69% in October and 71% a year ago.
• The inventory of new homes for sale decreased to a 5.4-months supply at the November sales pace versus a 5.5-months supply in October.

Big Picture

• The key takeaway from the report is that it appears as if new home sales, like existing home sales, were crimped in November by a lack of available supply at more affordable price points.

Category	NOV	OCT	SEP	AUG	JUL
Total Sales	719K	710K	730K	708K	660K
Inventory (months)	5.4	5.5	5.3	5.5	6.0
Median Price Y/Y	7.2%	-3.5%	-4.9%	1.7%	-5.9%