Sales of new single-family houses in November 2015 were at a seasonally adjusted annual rate of 490,000, according to estimates released jointly last month by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4.3 percent above the revised October rate of 470,000 and is 9.1 percent above the November 2014 estimate of 449,000.
The median sales price of new houses sold in November 2015 was $305,000; the average sales price was $374,900. The seasonally adjusted estimate of new houses for sale at the end of November was 232,000. This represents a supply of 5.7 months at the current sales rate.
"It is encouraging to see new-home sales continue to tick upward," said Tom Woods, chairman of the National Association of Home Builders (NAHB) and a home builder from Blue Springs, Mo. "Builders are also increasing their inventory even as they face difficulties accessing lots and labor."
"Limited gains in new-home sales can be attributed to a weak existing sales report," said NAHB Chief Economist David Crowe. "People who already own a house comprise most of the new residential construction market, and they often must sell their existing home before making another purchase."
Regionally, sales rose 20.5 percent in the West and 4.5 percent in the South. Sales fell 28.6 percent in the Northeast and 8.6 percent in the Midwest.