New-home sales rebounded last month, led by a strong upswing in the West. Sales of new, single-family homes nationwide ticked up 4.3 percentinNovember to a seasonally adjusted annual rate of 490,000 units, the Commerce Department reports, with home sales up 14 percent year-over-year.
"It is encouraging to see new-home sales continue to tick upward," says Tom Woods, chairman of the National Association of Home Builders. "Builders are also increasing their inventory even as they face difficulties accessing lots and labor."
Across the country, sales posted the biggest increase in the West, which saw new home sales rise 20.5 percent month-over-month in November. Sales also posted a 4.5 percent increase in the South. On the other hand, new-home sales plunged 28.6 percent in the Northeast and dropped 8.6 percent in the Midwest.
"Limited gains in new-home sales can be attributed to a weak existing sales report," says NAHB Chief Economist David Crowe. "People who already own a house comprise most of the new residential construction market, and they often must sell their existing home before making another purchase."
In November, the inventory of new homes for sale was 232,000 units, a 5.7-month supply at the current sales pace.
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