November’s New Home Sales Rise to Highest Levels Since April 2010

According to data released December 27th by the U.S. Census Bureau and HUD, new single-family home sales rose by 4.4 percent in November to their highest level since the expiration of the new homebuyer tax credit in April of 2010. The increase, at a seasonally adjusted rate of 377,000 units, also reflects a 15.3 percent gain over last year at the same time.

New Residential sales at it's highest levels in November since the expiration of the new homebuyer tax credit in April of 2010.

Sales of new single-family homes at it’s peak since April 2010

National Association of Home Builder’s Chief Economist David Crowe commented on the data as follows:

This increase is consistent with NAHB’s member surveys, which show increasing confidence in the market. We’re projecting a total of about 365,000 new-home sales in 2012, an increase of almost 20 percent over the previous year. The year ahead will see a similar gain as more people who have been sitting on the sidelines decide that it is time to purchase a new home.

The median sales price for new homes sold in November was $246,200. HUD estimates a supply of 4. 7 months.

The South led new homes sold with a 21.1 percent increase over October. Northeast new homes sold increased 68.8 percent over the same period in 2011.

Median “months for sale” declined to 5.3 in November from October’s 6.1.

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