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New home sales increased in November for second straight month

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Sales of new US homes unexpectedly rose in November as mortgage rates eased late in the month from their highs.

Purchases of new single-family homes increased 5.8% to an annualized 640,000 pace last month after rising in October. The median estimate in a Bloomberg survey of economists called for a 600,000 rate. The increase in home sales was primarily among states in the West and Midwest.

Data released by the Census Bureau and the Department of Housing and Urban Development showed the median sales price of a new home was $471,200, an increase of 9.5% from last year.

This comes after 30-year mortgage rates fell back below 7 percent. Despite the slight drop in mortgage rates, the Federal Reserve is expected to again raise interest rates even higher.

There were approximately 461,000 new homes for sale at the end of last month but the majority of these were under construction. The number of completed homes that were for sale in November increased to the highest level it’s been since June 2020.

As new construction declined, so did single family existing-home sales.

New-home purchases account for about 10% of the market and are calculated when contracts are signed.

ARTICLE: PAUL MURDOCH

MANAGING EDITOR: CARSON CHOATE

PHOTO CREDITS: POLITICO

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Paul Murdoch

Paul, 37, is from Scotland in the UK, but currently lives and works in Bangkok. Paul has worked in different industries such as telemarketing, retail, hospitality, farming, insurance, and teaching, where he works now. He teaches at an all-girls High School in Bangkok. “It’s a lot of work, but I love my job.” Paul has an active interest in politics. His reason for writing for FBA is to offer people the facts and allow them to make up their own minds. Whilst he believes opinion columns have their place, it is also important that people can have accurate news with no bias.

Paul, 37, is from Scotland in the UK, but currently lives and works in Bangkok. Paul has worked in different industries such as telemarketing, retail, hospitality, farming, insurance, and teaching, where he works now. He teaches at an all-girls High School in Bangkok. “It’s a lot of work, but I love my job.” Paul has an active interest in politics. His reason for writing for FBA is to offer people the facts and allow them to make up their own minds. Whilst he believes opinion columns have their place, it is also important that people can have accurate news with no bias.

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