by Calculated Threat on 12/23/2024 10:00:00 AM
The Census Bureau experiences New Dwelling Gross sales in November have been at a seasonally adjusted annual price (SAAR) of 664 thousand.
The earlier three months have been revised up, mixed.
Gross sales of latest single-family homes in November 2024 have been at a seasonally adjusted annual price of 664,000, in accordance
to estimates launched collectively immediately by the U.S. Census Bureau and the Division of Housing and City
Improvement. That is 5.9 % above the revised October price of 627,000 and is 8.7 % above the November 2023 estimate of 611,000.
emphasis added
Click on on graph for bigger picture.
The primary graph reveals New Dwelling Gross sales vs. recessions since 1963. The dashed line is the present gross sales price.
New house gross sales have been under pre-pandemic ranges.
The second graph reveals New Dwelling Months of Provide.
The months of provide decreased in November to eight.9 months from 9.2 months in October.
The all-time document excessive was 12.2 months of provide in January 2009. The all-time document low was 3.3 months in August 2020.
That is properly above the highest of the traditional vary (about 4 to six months of provide is regular).
“The seasonally-adjusted estimate of latest homes on the market on the finish of November was 490,000. This represents a
provide of 8.9 months on the present gross sales price.”
Gross sales have been above expectations of 650 thousand SAAR, and gross sales for the three earlier months have been revised up, mixed. I will have extra later immediately.
