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Tuesday, November 12, 2019
HomeNewsEconomyNew Home Sales Crush Forecast By Nearly 100K

New Home Sales Crush Forecast By Nearly 100K

New residential construction, hew homes, housing starts, building permits, depicted on blueprints. (Photo: AdobeStock)
New residential construction, hew homes, housing starts, building permits, depicted on blueprints. (Photo: AdobeStock)
New residential construction, hew homes, housing starts, building permits, depicted on blueprints. (Photo: AdobeStock)

The U.S. Census Bureau said new home sales in November 2018 came in at a seasonally adjusted annual rate of 657,000, crushing the 560,000 consensus forecast.

The forecasts ranged from a low of 535,000 to a high of 581,000, with the actual number coming in way above the high end.

The figure for November is 16.9% higher than the revised October rate of 562,000, but 7.7% below the November 2017 estimate of 712,000.

The median sales price of new houses sold in November 2018 was $302,400. The average sales price was $362,400.

The seasonally‐adjusted estimate of new houses for sale at the end of November was 330,000, representing a supply of 6.0 months at the current sales rate.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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