Sales of new single‐family houses in November were at a seasonally adjusted annual rate of 590,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 12.2% below the revised October rate of 672,000 but 1.4% above the November 2022 estimate of 582,000.
“While today’s new-home sales report was lower than what Zonda data captures and lower than qualitative feedback from builders suggests, all three data points capture a common trend—higher interest rates and the slower time of year have limited sales,” says Ali Wolf, Zonda’s chief economist.
“Even still, the Census data shows that the median new-home price rose month over month to $434,700. The median price last year was $462,300.”
The median sales price of new houses sold in November 2023 was $434,700, while the average sales price was $488,900. The seasonally adjusted estimate of new houses for sale at the end of November was 451,000, which represents a supply of 9.2 months at the current sales rate.
