Business

US new home sales race to seven-month high in November

Housing boom comes to Florida
FILE PHOTO: A carpenter works on building new townhouses that are still under construction while building materials are in high demand in Tampa, Florida, U.S., May 5, 2021. REUTERS / Octavio Jones

December 23, 2021

WASHINGTON (Reuters) – U.S. sales of new single-family homes rose to a seven-month high in November, fueling a severe shortage of previously owned homes on the market. , but soaring home prices are an obstacle for first-time buyers.

New home sales rose 12.4% to a seasonally adjusted annualized rate of 744,000 units last month, the highest level since April, the Commerce Department said on Thursday, the Commerce Department said on Thursday. Thursday. October’s sales pace was revised down to 662,000 units from 745,000 previously reported.

Sales increased in the populous South as well as the West and Northeast, but declined in the Midwest.

Economists polled by Reuters had forecast new home sales, which account for more than 10% of US home sales, to rise to 770,000 units.

Sales fell 14.0% year-on-year in November. They peaked at 993,000 units in January, the highest since late 2006.

The National Association of Realtors said on Wednesday that inventories of previously owned homes fell to an eight-month low in November.

The average new home price rose 18.8% in November to $416,900 from a year ago. There are 402,000 new homes on the market, up from 392,000 in October.

The number of houses under construction accounted for 62.9%, of which houses not yet built accounted for about 27.4%.

According to government data released last week, there is a record backlog of homes that are allowed to be built but have not yet begun. Builders are grappling with labor shortages, expensive materials and delays in getting supplies.

At November’s sales pace, it took 6.5 months to provide housing on the market, down from October’s 7.1 months.

(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)

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Bobby Allyn

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