New Home Sales Fall in November, Expected to Rise in the New Year
According to an announcement from the National Association of Home Builders (NAHB), elevated mortgage rates acted as a drag on new home sales in November, but with the peak rate cycle apparently in the rear-view mirror, sales are expected to rise in the new year.
Sales of newly built, single-family homes in November fell 12.2% to a 590,000 seasonally adjusted annual rate, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales in November was the lowest annual rate since November 2022 but sales are up 3.9% on a year-to-date basis due to a lack of resale inventory.