November’s annualized pace hits 315,000; October revised higher
By Ruth Mantell, MarketWatch
WASHINGTON (MarketWatch) — Led by growth in the South and Midwest, November sales of new single-family U.S. homes rose to the highest rate since April, according to data released Friday by the Commerce Department.
The seasonally adjusted annual rate for sales of new single-family houses reached 315,000 in November, according to government data, matching analysts’ expectations. See economic calendar.
While economists have been cheered by improving trends in recent housing data, overall levels remain relatively low.
Meanwhile, sales in October were upwardly revised to a rate of 310,000 from a prior estimate of 307,000. The pace of sales is up 9.8% from the prior year.
By region, sales for November grew by 12.9% in the South and by 7.5% in the Midwest. Meanwhile, the rate fell 26.3% in the Northeast and 16.9% in the West.
The median sales price fell to $214,100 in November from $222,600 in October. The supply of new homes on the market declined to six months from 6.2 months.
