New home sales 0.744M in November
- US November new home sales 0.774M versus 0.777M estimate
- The new home sales jumped 12.4% above the October revised level of 0.662M
- new home sales year on year is down -14% vs November 2020 (865,000)
- new houses for sale 402,000
- median sales price $416,900
- the average sale price came in at $481,700
- The month supply is 6.5 at the current monthly sales pace
The high sales pace for 2021 came in January at 0.993M (or 0.0827M monthly). At that time the supply of new homes for sale was at 302,000. So the supply of homes at the sales pace was at 3.64 months.
This month the month supply is 6.5 months (402,000 supply vs monthly sales pace at 62,000 (744K annual pace/12 months)) . So there is some rebound in sales/inventories as rates move higher and so do prices.
The existing homes sales came in at 6.46M yesterday which was less than the 6.52M estimate but higher than October's 6.34M level. The month supply was only 2.1 months versus 2.4 months prior. The year on year median price at risen 13.9% versus 13.1% in the previous month. The lower months supply is in contrast to the new homes supply trend.
