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.
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.