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【World Property Journal】New Home Sales in U.S. Hampered by Affordability Issues, Lack of Supply

【World Property Journal】New Home Sales in U.S. Hampered by Affordability Issues, Lack of Supply

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The NAHB is reporting this week that new home sales in the U.S. dipped in November, but remained at a solid level as builders struggled to meet demand and gain access to building materials.

According to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes in November fell 11 percent to an 841,000 seasonally adjusted annual rate. Despite the monthly decline, the November rate is 20.8 percent higher than a year ago.

"Though the market remains strong, the pace of sales pulled back in November as inventory remains low and affordability concerns persist as builders grapple with a shortage of lots, labor and building materials," said Chuck Fowke, chairman of the National Association of Home Builders (NAHB).
 

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