Sales of newly built, single-family homes rose 4.3% to a seasonally adjusted annual rate of 490,000 units in November, according to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
“It is encouraging to see new-home sales continue to tick upward,” said NAHB Chairman Tom Woods. “Builders are also increasing their inventory even as they face difficulties accessing lots and labor.”
Regionally, sales rose 20.5% in the West and 4.5% in the South. Sales fell 28.6% in the Northeast and 8.6% in the Midwest.
“Limited gains in new-home sales can be attributed to a weak existing sales report,” said NAHB Chief Economist David Crowe. “People who already own a house comprise most of the new residential construction market, and they often must sell their existing home before making another purchase.”
The inventory of new homes for sale was 232,000 units in November. This is a 5.7-month supply at the current sales pace. This increase in new home sales shows the continuation of growth in the industry.
The Home Builders Association of Greenville are your neighbors and community leaders providing education and support for building industry professionals. We create jobs, encourage homeownership, and promote responsible growth throughout the upstate of South Carolina.
