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Saturday’s: 9AM 1590 AM/97.9 FM KVTA
Sunday’s: 7AM K-EARTH 101 FM
New-home sales were at a seasonally adjusted annual rate of 733,000 in November, the Commerce Department said Friday.
Sales of newly-constructed homes throttled past expectations as the housing recovery picked up steam. November’s number was 17.5% above a downwardly-revised October and 16% higher than a year ago. That easily beat the consensus of a 658,000 selling pace. The median price for a new home in November was $318,700, about 1% higher than $315,000, the price a year ago. At the current pace of sales, it would take 4.6 months to exhaust available supply, still lean compared to long-time averages. Because the government’s monthly reports on new-home sales are based on small samples of data, they often undergo extensive revisions. Many economists find it more useful to look at trends spanning several months for a view of the market. For the year to date, sales are 9.1% higher compared to the same period last year, a metric that’s risen as the year has gone on.
