New-home sales decline for fourth consecutive month in November
New-home sales declined 11 percent from October’s downwardly revised rate of 945,000 annualized unites to 841,000 units in November. In a new NAFCU Macro Data Flash report, NAFCU’s Nadir Tekarli noted that although this is the fourth consecutive decline, sales were up 20.8 percent versus November 2019.
“New-home sales are generally volatile from month to month, but four consecutive months is a trend,” said Tekarli, NAFCU’s research assistant. “Regardless, new home sales levels are still near their highest level since 2007.”
The median new-home price, non-seasonally adjusted, decreased slightly from $337,500 in October to $335,300 in November. The month’s prices were up 2.2 percent from a year ago.
Sales fell in all four regions during the month, down 43.3 percent in the Midwest followed by the West (-17.3 percent), the Northeast (-2.5 percent), and the South (-1.9 percent). Compared to a year ago, sales rose in the South (+30.5 percent), the West (+19.8 percent), and the Northeast (+18.2 percent), but fell in the Midwest (-24.4 percent).
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