WASHINGTON — The pace of new single-family home sales increased by 17.5% to 733,000, the highest level since July 2007.
This follows a steep downward revision to the sales pace in October and a smaller downward revision to September, data released by the Commerce Department Friday showed.
The sales pace came in well above expectations of 658,000, based on an MNI survey of economists. The difference between the expected and the actual was 75,000.
The supply of new homes for sale was unchanged at 283,000 in November. Based on the movements in sales and supply in November, the months' supply fell 14.8%, the largest percentage decrease since February 1996, to 4.6 months from 5.4 months in October, falling below the 5.1 months supply a year ago
Despite the supply of new homes stagnating, the median sales price saw a 0.3% decline to $318,700, but was still up 1.2% from November 2016.
Sales rose in all regions, with the South being the most notable, seeing a 14.9% rise to 416,000, the highest level since June 2007. Sales rose 31.1% in the West to 194,000, the highest level seen since July 2007. The Northeast saw a considerable 9.5% increase to 46,000, and the Midwest saw a rise of 6.9% to 77,000.
New home sales in October were revised down to a 624,000 rate from the 685,000 rate previously reported, while September sales were revised down to a 635,000 rate from the 645,000 pace previously reported.
