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HomeNewsEconomyNew Home Sales Rose 1.3% in November, 16.9% Over 12 Months

New Home Sales Rose 1.3% in November, 16.9% Over 12 Months

An exchange showing one hand giving cash to the another for new house and keys, a vector illustration for new home sales. (Photo: AdobeStock)

New Residential Sales, While Volatile, Have Shown Steady Strength

New homes sales came in at a seasonally adjusted annual rate of 719,000 in November, up 1.3% (±11.0%) from last month and 16.9% (±19.4%) year-over-year.

The October rate was revised from 733,000 to a still solid 710,000.

Builder confidence is at a 20-year high, new residential construction statistics are strong, and volatile new home sales have been steadily rising to their best level in 12 years.

The consensus forecast called for steady strength at 735,000. Forecasts ranged from a low of 715,000 to a high of 750,000.

The median sales price of new houses sold in November 2019 was $330,800. The average sales price was $388,200.

The seasonally‐adjusted estimate of new houses for sale at the end of November was 323,000. This represents a supply of 5.4 months at the current sales rate.

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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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