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Economy in Brief

U.S. New Home Sales Surge in November
by Tom Moeller  December 23, 2021

• Sales are highest since April.

• Strengthening is pronounced in West.

• Median sales price increases to record.

New single-family home sales rose 12.4% in November (-14.0% y/y) to 744,000 (SAAR) from 662,000 in October, revised from 745,000. Sales remained below the January peak of 993,000. The Action Economics Forecast Survey expected 775,000 sales in November.

By region, November sales in the West rose 53.2% (14.2% y/y) to 242,000. Rising by 15.6% (8.8% y/y) to 37,000 were sales in the Northeast. Sales in the South gained 2.7% (-21.2% y/y) to 412,000. Offsetting these increases, sales in the Midwest fell 25.4% (-44.8% y/y) to 53,000.

The median price of a new home rose 2.0% (18.8% y/y) in November to a record $416,900. The average sales price of a new home edged 0.7% higher (21.6% y/y) to a record $481,700. These sales price data are not seasonally adjusted.

The supply of new homes for sale fell to 6.5 months in November from 7.1 months in October. This compares with a low of 3.5 months averaged from August through October of last year. The median number of months a new home stayed on the market rose slightly to 2.7 from the record low of 2.5 months in October. These figures date back to January 1975.

New home sales activity and prices are available in Haver's USECON database. The consensus expectation figure from Action Economics is available in the AS1REPNA database.

U.S. New Single-Family Home Sales (SAAR, 000s) Nov Oct Sep Y/Y % 2020 2019 2018
Total 744 662 723 -14.0 828 683 614
  Northeast 37 32 33 8.8 37 30 32
  Midwest 53 71 70 -44.8 94 72 75
  South 412 401 441 -21.2 476 399 347
  West 242 158 179 14.2 221 182 159
Median Price (NSA, $) 416,900 408,700 405,300 18.8 334,992 319,267 323,125
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