Editor’s Note: Each Friday, WRAL TechWire takes a deep dive into the Triangle’s real estate markets. However, reporter Jason Parker who writes the reports is taking some time off. The column will resume upon his return.
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New home sales were up in November from the month before, even as prices remained elevated and buyers faced some of the highest mortgage rates of the year.
Overall, however, sales of previously occupied U.S. homes slowed for the tenth consecutive in November, constrained by a tight inventory of properties on the market and mortgage rates averaging more than double what they were a year ago.
Sales of newly constructed homes rose 5.8% in November from October, but were down 15.3% from a year ago, according to a joint report from the US Department of Housing and Urban Development and the US Census Bureau. Sales also rose in October.
Some 640,000 new homes were sold last month, at a seasonally adjusted annualized rate, up from a revised 605,000 in October. A year ago, 756,000 newly constructed homes were sold.
Meanwhile, the median price for a new home dropped to $471,200, down from $493,000 the previous month.
Home sales decline again in November, but consumer confidence improves
