New Home Sales Slide in November

The National Association of Home Builders (NAHB) reports sales of newly-built single-family homes fell 2.1 percent in November to a seasonally-adjusted annual rate (SAAR) of 464,000 units. According to data released by the U S. Census Bureau and the Department of Housing and Urban Development (HUD), this follows an upwardly revised strong rate the previous month of 474,000 units, which marked the strongest sales pace since July 2008. “The previous three months for new-home sales have all been revised up, and the final quarter of 2013 is shaping up to be the best quarter since the second quarter of 2008,” said NAHB Chief Economist David Crowe. “Historically low interest rates, affordable home prices and a healing economy are bringing buyers back into the marketplace.” Regionally, new home sales for the West increased 31.1 percent and the Northeast gained 15.1 percent, while the South dropped 9.1 percent and the Midwest fell 26.6 percent. As MHProNews has learned the inventory of new homes on the market fell to 167,000 units in Nov., which is amounts to a 4.3 month supply at the current sales pace.

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