Key Highlights
- Sales of new single-family homes came in at 841,000 in November 2020, according to the US Census Bureau and US Department of Housing and Urban Development (HUD)
- Median sale price was $335,300 while average sales price was $390,100
The US Census Bureau and US Department of Housing and Urban Development (HUD) indicated that new single-family home sales in November 2020 were at a seasonally adjusted annual rate of 841,000. This sales rate was below the October sales volume of 945,000, or -11, but still +20.8% above the November 2019 sales rate.
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November’s median sale price of new homes was $335,300. The average sales price came in at $390.000.
The Census Bureau and HUD’s November 2020 report on new single-family homes also indicated there were 286,000 available for sale. This number of available for-sale homes in November represented a supply of 4.1 months at the current rate of sales.
Regionally, the South had the highest number of new single-family homes for sale in November with the West offering approximately half of the South’s available inventory.
In October 2020, according to Home Economics.com, national home price appreciation reached an all-time high with all 19 major markets seeing price increases. According to the Federal Housing Finance Administration (FHFA) in its Home Price Index indicated an annual increase of +10.2% in October after an increase of +9.2% in September. Additionally, all 19 major metros saw their respective home price appreciation rise between +13.5% to +29.1% with San Diego, Seattle and Boston leading the way.
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Additionally, the National Association of Home Builders analysis of Census Construction Spending data indicated that the total private residential construction spending in November rose +2.7% to a seasonally adjusted annual rate of $658.1B, +16.1% higher than one year ago. Both single-family and home improvement spending showed strong growth. Multi-family construction spending remained flat after reading a record high in October. Overall, multi-family construction spending came in at +15.8% higher than one year ago.
All of these positives are in line with more than solid homebuilder confidence levels.
Thanks to the US Census Bureau, the US Department of Housing and Urban Development, the Federal Housing Finance Administration, HomeEconomics.com and the National Association of Home Builders.
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