National and Local New Home Market News

The 12/23/11 report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development showed that sales of new single-family homes in November increased 1.6 percent from the previous month.

New home sales were at a seasonally adjusted annual rate of 315,000, up from 310,000 sales in October and were 9.8 percent higher than the 287,000 sales reported in November 2010.

The report showed a median sales price of $214,000 for new homes sold in November, with an average sales price of $242,900. Based on the current sales rate, there is a six-month supply of new homes on the market.

Wake County new home permits are down 4% through the first 11 months but have been higher than the prior years months in 4 of the last 6 months. 11/11 permits were up 11% versus 11/10 permits.

The average cost associated with the permit issued during the first 11 months was $191,600, a 1% decrease from the same period 1 year ago.

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About TARR Report

S.M.A. Publications was formed in 1997 with a mission of providing real estate information for practitioners within the Research Triangle Park area of North Carolina. The company produces the T.A.R.R. Reports which are published monthly, quarterly and annually, covering all aspects of the residential real estate market. The publisher, Stacey P. Anfindsen, has over 23 years of residential experience in the Triangle market. He is an active real estate appraiser, educator and consultant.
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