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New Home Sales Miss – Home Prices Up Nearly 20% YoY
Washington, D.C. – New home sales in the United States increased by 0.4 percent month over month in October of 2021, to a seasonally adjusted annual rate of 745K, following a downwardly revised rate of 742K in September and falling short of market expectations of 800K. Processing this data will take more work then normal due to increased revisions.
The Midwest (11.0 percent) and the South (0.2 percent) made significant contributions, which were partially offset by sharp declines in the Northeast (-11.8 percent) and the West (-0.2 percent) (-1.1 percent ).
The median sales price increased to $407,700 in October, the highest on record, from $346,900 in the same month a year earlier, according to the National Association of Realtors.
There were 389K new homes for sale on the market in October, the most in 13 years and an increase from 378K in September, according to the National Association of Realtors.
It would take 6.3 months to exhaust the supply of new homes if sales continue at their current pace, compared to 3.6 months at the beginning of the year.
Month Over Month
Following a downwardly revised 662K in October and a rate below market expectations of 770K, new home sales in the United States increased by 12.4 percent month over month to a seasonally adjusted annual rate of 744K in November of 2021, according to the Census Bureau.
An increase in contributions from the West (53.2 percent), the Northeast (15.6 percent), and the South (2.7 percent) was partially offset by a decrease in contributions from the Midwest (-25.4 percent).
In November 2021, the median sales price of new homes sold was $416,900, according to the National Association of Realtors.
There were 402K new homes for sale on the market at the time of writing.
It would take 6.5 months to exhaust the supply of new homes if sales continue at their current pace, compared to 3.6 months at the beginning of the year.