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.
