The U.S.
Commerce Department reported on Monday that the sales of new single-family
homes surged 5.9 per cent m-o-m to a seasonally adjusted annual rate of 664,000
units in November. This marked the strongest increase since July (+8.0 per cent m-o-m).
Economists
had forecast a sales pace of 650,000 last month.
The October sales
pace was revised up to 627,000 units from the originally reported 610,000 units.
According to
the report, new home sales in the South, the largest area, rebounded by 13.9 per
cent m-o-m in November to 417,000. In addition, new home sales in the Midwest jumped by 17.3 per
cent m-o-m to 88,000. Meanwhile, new home sales in the Northeast plunged by 41.0
per cent m-o-m to 23,000 and those in the West declined by 7.5 per cent m-o-m to 136,000.
Compared to November
2023, new home sales increased by 8.7 per cent.
The report also
revealed that the median sales price fell by 6.3 per cent y-o-y at $402,600 in November,
while the average sales price slipped by 0.9 per cent y-o-y $484,800.