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Monthly New Residential Sales, November 2023
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential sales statistics for November 2023. Sales of new single‐family houses in November 2023 were at a seasonally adjusted annual rate of 590,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 12.2 percent (±15.6 percent)* below the revised October rate of 672,000, but is 1.4 percent (±19.8 percent)* above the November 2022 estimate of 582,000. Sales Price The median sales price of new houses sold in ... (full story)
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US New Home Sales Crash In November, Despite Plunging Rates
While existing home sales bounced very modestly off record lows in November, it has been the 'strength' of new home sales - with buyer heavily subsidized by homebuilders - that has held up the housing market. Of course, investors don't care about actual fundamentals, rates are down so 'buy buy buy' the builders... chart Trouble is, even as mortgage rates have plunged recently, applications for home purchases has continued to decline... chart And while mortgage rates have declined (rapidly), they remain massively high relative to the effective mortgage rate for all Americans. That difference is the 'subsidy' that ... (full story)