New home sales in the South plummeted in November, according to the latest data from the Census Bureau.
- M-O-M: Sales of new single‐family houses plummeted to a seasonally adjusted annual rate of 337,000 in November, down 20.9% from October and the lowest level since September 2022.
- Y-O-Y: Sales of new single-family houses are down 8.4% when compared to the same time last year.
Role Reversal. Sales in the South all year has helped keep the national sales elevated. However, this month’s drop in national sales was almost entirely because of the South. National sales of new single‐family houses fell 12.2% in November.
- The South was responsible for 92% of the decline with the West adding the additional 8% with a drop to a seasonal rate of 150k in November.
- The Northeast and the Midwest actually rose to a seasonally adjusted rate of 33k(+3.1%) and 70k (+25%), respectively.
Prices Mixed As Inventory Rises. Nationally, the median sales price of new houses sold was $434,700 in November, up 4.8% from October but down 6.0% from the same time last year.
- The seasonally‐adjusted estimate of new houses for sale at the end of November was 451,000. This represents a supply of 9.2 months at the current sales rate, up 16.5% from October and the highest level since last November.