In November, new home sales in the United States saw a rebound as builders and consumers finalized transactions delayed by southern hurricanes, and buyers took advantage of substantial sales incentives. Official data showed a 5.9% increase in new single-family home sales, reaching an annualized rate of 664,000 units. This was slightly below economists' expectations of 669,000 units.
Builders made significant efforts to catch up in November, particularly in the southern region, the largest housing market in the U.S., where sales had previously been impacted by fall hurricanes. Sales in the South surged nearly 14%, while the Midwest experienced its fastest sales growth since 2021. However, sales in the Northeast and West declined.
Potential buyers benefited from a wider selection, as the supply of new homes for sale rose to its highest level since late 2007. This increased supply helped improve affordability, with the median price of new homes falling by 6.3% year-over-year to $402,600.
