WASHINGTON, D.C. — The U.S. Census Bureau and the Department of Housing and Urban Development (HUD) have released their latest data on new residential sales for November 2024, revealing notable gains in the U.S. housing market.
According to their report, the annualized sales rate for new single-family homes reached 664,000 in November, reflecting a 5.9% increase from the revised October figure of 627,000. This also marks an 8.7% rise compared to November 2023, although the margins of error suggest variability in the exact estimates.
The median sales price for new homes in November stood at $402,600, showcasing the midpoint cost of homes sold during the month. The average sales price was higher, at $484,800, indicating a continued shift toward more expensive options in the market.
Inventory levels have also drawn attention, with a seasonally adjusted 490,000 new homes listed for sale at the end of November. Based on the current sales pace, this amounts to an 8.9-month supply of available homes, suggesting balance in inventory relative to demand.
The November statistics highlight steady growth in the housing market, with increased sales activity and stable inventory levels signaling a positive trend heading into 2025. These figures provide a snapshot of economic conditions influencing homebuilders and buyers across the country.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.