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.
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.