New home sales increased 12.4% in November to a seasonally adjusted annual rate of 744,000, the U.S. Census Bureau reported. Compared with November 2020, new home sales declined 14%.
New home sales increased 12.4% in November to a seasonally adjusted annual rate of 744,000, the U.S. Census Bureau reported. Compared with November 2020, new home sales declined 14%.
Heading into 2022, housing affordability remains a top concern, according to the National Association of Home Builders.
"With building material pricing, the challenge for builders in 2022 will be to deal with higher input costs while making sure home prices remain within reach for American home buyers,” stated Danushka Nanyakkara-Skillington of NAHB.
The median sales price for new homes rose 18.8% year-over-year in November to $416,900.
Regionally, new home sales dropped in each region, falling 1.3% in the Northeast, 4.5% in the South, 5.3% in the Midwest and 12.5% in the West.