New-home sales rise again in November 2022 MABA Massachusetts RealEstate FirstTimeHomeBuyers

 New single-family home sales increased for the second month in a row in November, rising five point eight percent month over month to an annual rate of sixty four thousand, while the median price of a new home sold during the month fell from an all-time high set in October, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported. Year over year, the pace of newly built home sales in November was down fifteen point three percent from the year-ago rate of seven hundred and fifty six thousand.

 “November can traditionally be a time of slower sales due to the beginning of the holiday season, so it is promising that this year we are seeing sales activity increase,” RCLCO Real Estate Consulting principal Kelly Mangold said. “The combination of high mortgage rates and economic uncertainty is still causing some hesitation among buyers, but an increase in sales is a positive indicator.” The median sales price of a new house sold last month slid two point eight percent to four hundred seventy one thousand and two hundred dollars from four hundred and eight four thousand and seven hundred dollars in October, it was up nine point five percent from the year-ago price of four hundred thirty thousand and three hundred dollars. First American Deputy Chief Economist Odeta Kushi cautioned that the market for new homes remains uncertain.

 “Builder sentiment and permit data indicate ongoing weakness in the new-home market,” she said. “With higher mortgage rates and greater economic uncertainty, new-home prices will need to continue to adjust to entice more buyers.” By region, the pace of new-construction home sales was mixed, with monthly gains of twenty seven point six percent and twenty one point three percent in the West and Midwest, respectively, and declines of eight point five percent and two point one percent in the Northeast and South, respectively. Months’ supply of homes for sale fell to eight point six months from nine point three months in October; in November 2021, there was a six point two months’ supply of homes. 

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