Sales of newly constructed homes increased by 1.3% in November to an annualized rate of 719,000, which is their best 3-month performance in 12 years. This increase is 10% higher than in 2018 and is driven by low-interest rates and a robust job market.
According to Lawrence Yun, chief economist for the National Association of Realtors, “More home construction appears to be on the way as we move into 2020, as reflected in the very high confidence of home builders.”