New home sales of 664k in November were up 5.9% MoM and topped expectations of 650k. Sales on an annual basis are up 8.7% YoY, and on a YTD basis are up 2.4%. The increase in sales caused months’ supply to fall from 9.2x in October to 8.9x in November. The median sales prices fell to $402,600, the lowest so far in 2024.

US new home sales increased 10.9% MoM and 3.3% YoY to a SAAR of 743k in April, above expectations of sales of 692k and the highest since February 2022. On a YTD basis, sales were down -1.2%.

• Months’ supply dropped from 9.1x in March to 8.1x in April, still above the 7.7x reading from a year ago.
• The median sales price increased 0.8% MoM to $407,200 but was down -2.0% YoY. The average sales price of $518,400 was up 3.7% MoM and 3.6% YoY.