New-home sales fall sharply
- Prior month 0.679 million annualized pace revised to 0.672M
- New-home sales -12.2% largest decline since April 2022
- New homes for sale at the end of November 0.451 million units versus October 0.440 million units
- New home sale supply 9.2 months vs 7.9 months in October. That is the highest level since November 2022 (9.4 months)
- Median sales price $434,700 which is down -6% from November 2022 ($462,300)
- Average sales price $488,900 vs $487,000 last month
Regionally:
- Northeast +3.1%
- Midwest +25.0%
- South -20.9%
- West -5.1%
