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New Home Sales Surge to Highest Point Since 2007

The Department of Housing and Urban Development (HUD), in conjunction with the U.S. Census Bureau released its report on New Residential Sales for November 2017 on Friday.

The sales figures were seasonally adjusted and came to an estimated 733,000, an increase of 17.5 percent (plus or minus 10.4 percent) from October’s revised rate of 624,000—representing the highest level since July 2007. Additionally, figures increased 26.6 percent (plus or minus 16.6 percent) of November’s estimate a year prior, which totaled 579,000.

New houses sold in November had an average price of $318,700; the median sales price came to $377,100. The report also figures that, at the end of November on a seasonally adjusted level, there are currently 283,000 new houses on the market. If the rate of sales of new homes continues, there will be a total supply lasting 4.6 months.

According to the report, it’s important to note that these figures are estimated from sample surveys. Therefore, numbers are subject to sampling variability as well as non-sampling error including bias and variance from response, nonreporting, and undercoverage.

Estimated average relative standard errors of the preliminary data are shown in the tables of the full report, here.

Explanations of confidence intervals and sampling variability can be found at the Census Bureau’s website.

The next joint report of New Residential Sales for December 2017 will be released on January 25, 2018.

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