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Hew Homes... Where Have They All Gone???

Thursday, December 24, 2020   /   by Ira Miskin

Hew Homes... Where Have They All Gone???

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New-home sales fell sharply month-over-month, dropping 11.0 percent below the revised October rate. But year-over-year, sales recorded 20.8 percent above the November 2019 estimate of 696,000, according to the latest Commerce Department monthly report. For November 2020, sales of new single-family houses were at a seasonally adjusted annual rate of 841,000.

Here’s the market breakdown:
New-Home Sales: 841,000
For-Sale Inventory: 286,000
Months’ Supply:  4.1 months
Median Price: $335,300

What the Industry’s Saying:
“Though the market remains strong, the pace of sales pulled back in November as inventory remains low and affordability concerns persist as builders grapple with a shortage of lots, labor and building materials.”  — Chuck Fowke, Chairman, National Association of Home Builders

“The home building industry saw a historic gap between the pace of new home sales and construction of for-sale single-family housing this fall. As a result, the pace of new home sales was expected to slow to allow construction to catch up. This appears to have occurred in November as inventory of completed, ready to occupy new homes was down 43 percent compared to November 2019 at just 43,000 homes nationwide.” — Robert Dietz, Chief Economist, National Association of Home Builders