Where Do New Home Sales Stand?

The new residential sales statistics for November 2018 by the latest U.S. Census Bureau and the U.S. Department of Housing and Urban Development revealed that sales of new single‐family houses in November 2018 were at a seasonally adjusted annual rate of 657,000, reflecting an upward trend at 16.9 percent (±19.9 percent) above the revised October rate of 562,000—but is 7.7 percent (±20.7 percent) below the November 2017 estimate of 712,000.

According to Danielle Hale, Chief Economist at Realtor.com, unlike other housing indicators released during the shutdown, today's new home sales data shows a pick up from October's pace. Hale indicated that “the November figure trails the sales figure of a year ago, which is consistent with other data showing a sluggish finish to 2018 home sales.”

The median sales price of new houses sold in November 2018 was $302,400, the report found. The average sales price was $362,400. Data on sale inventory and month’s supply on a seasonally-adjusted basis revealed that the estimate of new houses for sale at the end of November was 330,000—representing a supply of six months at the current sales rate, the report noted.

The report also stated that the U.S. Census Bureau is updating its 2019 economic indicator release calendar in coordination with other agencies and the Office of Management and Budget to address the impacts of the recent lapse in federal funding. The survey is primarily based on a sample of houses selected from building permits. The purpose of the survey is to provide current national and regional statistics on starts, completions, and characteristics of new, privately-owned single-family and multifamily housing units and on sales of new single-family houses.

Read the full report here.