Sales of new homes were down nearly 36% over last year in November, as consumer confidence remains low and mortgage rates continue to rise.
According to Zonda, new home sales totaled 478,221 on a seasonally adjusted annualized rate in November, down 10.6% from the prior month and 35.9% lower than sales a year ago. On a non-seasonally adjusted basis, 34,741 homes were sold, 38.5% lower than last year and 27.5% below November 2019 levels. Meanwhile so-called "quick move-in inventory" — homes that can likely be occupied within 90 days — are rising. National QMI levels are up 173.5% over last year and 51.7% over pre-pandemic levels.
In addition, Zonda's New Home Pending Sales Index (PSI), which combines both total sales volume with the average sales rate per month per community, clocked in at 104.0, a 38.1% year-over-year decline.
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