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Mortgage

New homes sales rise in November

Increased over October’s revised lower total

Sales of new single-family houses in November 2015 printed at a seasonally adjusted annual rate of 490,000, according to estimates released jointly Wednesday by the U.S. Census Bureau and the Department of Housing and Urban Development.

This is 4.3% above the revised October rate of 470,000 and 9.1% above the November 2014 estimate of 449,000.

Additionally, the median sales price of new houses sold in November 2015 was $305,000; the average sales price was $374,900.

According to the Census Bureau and HUD, the seasonally adjusted estimate of new houses for sale at the end of November was 232,000.

This represents a supply of 5.7 months at the current sales rate.

Ray Rodriguez, Regional Mortgage Sales Manager at TD Bank, said that November’s new home sales data is disappointing, but not suspiring.

“November new home sales disappointed, but this recent volatility has become a constant.,” Rodriguez said. “We remain optimistic about new home sales leveling out, especially with the projected increase in residential units next year alleviating supply concerns and stimulating home purchases.” 

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