New single-family home sales in the United States rose to a seasonally adjusted annual rate of 664 thousand units in November 2024, a 6% increase from October’s revised figure of 627 thousand units and 9% higher than November 2023’s rate of 611 thousand units, according to the U.S. Census Bureau and the Department of Housing and Urban Development.
Sales performance varied regionally, with the Midwest seeing the highest increase at 17%, reaching 88 thousand units, while the South experienced a 14% rise to 417 thousand units. Conversely, sales in the Northeast and West declined by 41% and 8%, respectively, falling to 23 thousand and 136 thousand units.
The median sales price for new homes sold in November 2024 was $403 thousand, with an average sales price of $485 thousand. Homes priced between $300 thousand and $399 thousand accounted for the largest share of sales at 26%, while those between $400 thousand and $499 thousand represented 18%. High-end homes priced over $1 million accounted for 5% of the total market. Image: U.S. Census Bureau
At the end of November, the inventory of new houses for sale stood at 490 thousand units, reflecting a supply of 8.9 months at the current sales pace, down from October’s 9.2 months. Of the available inventory, 54% of homes were either under construction or not yet started, while completed homes made up the remaining 46%.
Year-to-date, new home sales reached 632 thousand units, a 2% increase compared to the same period in 2023. This growth was driven by an 18% increase in the Midwest and a 3% rise in the West, while the Northeast and South remained relatively stable.
Home sellers across the U.S. increased their listings by 8% year-over-year for the four weeks ending December 15, marking the second-largest annual rise since mid-2024, according to a report from Redfin. The surge is linked to a 6% annual increase in the median home sale price, reaching $383,302, and heightened buyer demand amid decreasing mortgage rates.
