The seasonally adjusted annual pace of new single-family home sales in the U.S. ticked up to 377,000 in November, up 4.4 percent from a revised rate of 361,000 in October. The pace of sales is up 15.3 percent year-over-year but remains the fourth slowest November on record since 1963.
Annual new home sales in the U.S. have averaged 667,000 since 1963, peaking at 1,283,000 in 2005. Preliminary U.S. new home sales (versus pace) in November were estimated to be 27,000, down from 29,000 in October. November sales peaked in 2005 with 86,000 new homes sold.
In the West, the pace of new home sales fell 17.8 percent from October to November but remains up 13.7 percent on a year-over-year basis versus 33.7 percent in October.
∙ New Residential Sales: September 2012 [census.gov]
∙ Pace Of New Home Sales Slips In October, Remains Below Average [SocketSite]
∙ New Residential Sales Since 1963 [census.gov]
These graphs can be difficult to read because they mix frenzied bull market areas like San Francisco with dead markets like Stockton.
We might see a continuation of the last few years in which San Francisco strenghthens and Stockton dies. San Francisco has its weather and beauty and creative base so we’ll never move to Texas. But people in Stockton have every reason to move.
Texas beats Stockton. Better schools, lower taxes, less regulattion. Plenty of jobs.