New Home Sales Hit Post-Recession High in November

December 22, 2017 (nahb.org) Sales of newly built, single-family homes in November rose 17.5 percent to a seasonally adjusted annual rate of 733,000 units from a downwardly revised October reading, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This is the highest sales pace since July 2007. Year-to-date, new home sales are 9.1 percent above their level over the same period last year.

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“The November sales numbers are consistent with our reports of growing builder confidence, particularly big gains in traffic to new home sites,” said Granger MacDonald, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Kerrville, Texas. “Builders are encouraged by the increased demand for housing and expect business to continue to improve in 2018.”

“Tax reform legislation should boost economic growth, setting the stage for continued strengthening of the housing market,” said NAHB Chief Economist Robert Dietz. “Job market growth, expected wage increases and tight existing home inventory will also help the market move forward next year.”

The inventory of new homes for sale was 283,000 in November, which is a 4.6-month supply at the current sales pace.

New home sales increased in all four regions. Sales rose 31.1 percent in the West, 14.9 percent in the South, 9.5 percent in the Northeast and 6.9 percent in the Midwest.

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Realtors® Housing Minute: A Video Recap of Market Activity in November

Washington, D.C. – Dec. 29, 2017 (PRNewswire) Fueled by strong job growth and the strengthening economy, existing-home sales and contract signings both increased in November.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at www.nar.realtor.

For further information contact:

Adam DeSanctis
(202) 383-1178
adesanctis@realtors.org

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