New home sales rise 5.8% in November — but dip in these regions
Reports this week showed sentiment among single-family building remaining depressed for a record 12th straight month December.
Single-family housing starts and building permits tumbled to a 2-1/2-year low in November, while sales of previously owned homes notched their 10th consecutive monthly decline, the longest such stretch since 1999. The average rate on a 30-year fixed-rate mortgage dropped to 6.27% this week after vaulting above 7% a few months ago, the highest since 2002. The rate, however, is more than double what it was this time a year ago, data from mortgage finance agency Freddie Mac showed.
The median new house price in November was $471,200, a 9.5% increase from a year ago. There were 461,000 new homes on the market at the end of last month, down from 469,000 in October. Houses under construction accounted for 62.9% of the inventory, with homes yet to be built making up 23.2%. Completed houses accounted for 13.9% of the inventory, well below a long-term average of 27%. At November’s sales pace it would take 8.6 months to clear the supply of houses on the market, down from 9.3 months in October.
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