The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau have jointly announced 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. This is 12.2 percent below the revised October rate of 672,000, but is 1.4 percent above the November 2022 estimate of 582,000.

The median sales price of new houses sold in November 2023 was $434,700. The average sales price was $488,900.

The seasonally‐adjusted estimate of new houses for sale at the end of November was 451,000. This represents a supply of 9.2 months at the current sales rate.

Changes in seasonally adjusted statistics often show irregular movement. It takes three months to establish a trend for new houses sold. Preliminary new home sales figures are subject to revision due to the survey methodology and definitions used. The survey is primarily based on a sample of houses selected from building permits.

Since a “sale” is defined as a deposit taken or sales agreement signed, this can occur prior to a permit being issued. An estimate of these prior sales is included in the sales figure. On average, the preliminary seasonally adjusted estimate of total sales is revised about 3.4 percent. Changes in sales price data reflect changes in the distribution of houses by region, size, etc., as well as changes in the prices of houses with identical characteristics.

The December report is scheduled for release on Jan. 25, 2024.