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US housing market: New home sales, housing starts on the rise in November 2019

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US housing market: New home sales, housing starts on the rise in November 2019

New single-family home sales in the U.S. grew to a seasonally adjusted annual rate of 719,000 in November 2019, a 1.3% increase over the revised October 2019 figure and a 16.9% jump year over year, according to data most recently released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

Single-unit housing starts followed a similar trend, up 2.4% month over month and 16.7% on a yearly basis.

Existing-home sales, on the other hand, dipped slightly in November 2019 compared to their October 2019 levels, down 1.7% on a monthly basis but up 2.7% year over year, according to the National Association of Realtors. Within the recent release, NAR chief economist Lawrence Yun noted the drop in sales in November was not a sign of concern, as home sales fluctuate and are "choppy" when inventory levels are low. Yun also commented that the economy is otherwise performing "very well."

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index meanwhile continued its ascent in October 2019, up another 0.5% month over month after seasonal adjustment. On a yearly basis, the national index was up 3.3%.

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