Having slipped 2.7 percent in October, the pace of new single-family home sales in the U.S. ticked up 1.3 percent in November to a seasonally adjusted rate of 719,000 sales, which is 16.9 percent higher than at the same time last year.
At the same time, the median price of those homes which sold last month jumped a mix-driven 4.4 percent to $330,800, which was 7.2 percent higher than at the same time last year with a higher percentage of more expensive homes having recently sold, while the inventory of new single-family homes for sale across the county held at 323,000, down 3.3 percent on a year-over-year basis.
And out West, the seasonally adjusted pace of new single-family home sales increased 7.5 percent in November to 216,000 and is now running 47.0 percent higher than at the same time last year with 86,000 new homes on the market (which is 6.5 percent fewer homes on the market than at the same time last year).