November data shows strong U.S. new home sales
Posted on Monday, December 30, 2013 at 9:18:51 AM
The forecast for the U.S. housing market and residential financing is relatively positive headed into 2014, and recent data appears to support these upward trends.
According to a joint release from the U.S. Commerce Department and the U.S. Department of Housing and Urban Development, new residential sales in November are up on a yearly basis. For the month, sales of newly-built single-family homes reached a seasonally adjusted annual rate of 464,000, 16.6 percent higher than the November 2012 figure.
In addition, the average sales price for this type of property was $340,300, the Commerce Department reported. Given the current sales rate, there is also a 4.3 month supply of available new single-family homes.
These positive trends are good news for those involved with the housing market, as well as anyone interested in residential financing.
According to Bloomberg, the Commerce Department figures are higher than expected. The media outlet's economists expected sales to come in around 440,000 units, slightly below the final tally. Overall, real estate is still affordable, mortgage rates remain close to historic lows and demand is on the way up. These elements could lead to a strong 2014.