November 2020 sales of newly built, single-family homes were 20.8 percent higher than they were at the same time in 2019, according to new numbers released by the U.S. Census Bureau and the Department of Housing and Urban Development. The gains are an encouraging sign, especially when combined with recent improvements in residential construction numbers. The new home market is vital to the housing market’s overall health, especially at a time when for-sale inventory is low – as it is now. And since new home construction is the quickest way to add supply when inventory falls behind demand, an accelerating new home market can signal better balance and fewer price spikes in the days ahead. Also in the report, the median sales price of new homes sold in November was $335,300. The average price was $390,100. (source)
November 2020 New Home Sales Up 21% Over 2019
