New Home Sales in West Rise Rapidly; Overall Sales Drop Slightly

December 29th, 2014 by Editor

Sales of newly built, single-family homes fell 1.6 percent in November to a seasonally adjusted annual rate of 438,000 units, according to new data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

“Sales have held in a relatively stable range during the past four months,” says NAHB Chief Economist David Crowe. “As the labor market and broader economy continue to strengthen, we can expect the housing sector to gain momentum heading into next year.”

The inventory of new homes for sale rose to 213,000 in November, which is a 5.8-month supply at the current sales pace.

The West isn’t feeling that pain, though, as new home sales rose there by 14.8 percent. Sales dropped 12 percent in the Northeast, 6.3 percent in the Midwest and 6.4 percent in the South.

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