New Home Sales Grew 3.6% Month-Over-Month in November
NEWPORT BEACH, CA -- The experts at Zonda, the housing industry’s foremost advisors, released the New Home Pending Sales Index (PSI) for November 2021. The New Home PSI shows pending sales grew month-over-month and year-over-year. The index is a leading residential real estate indicator based on the number of new home sales contracts signed across the country.
The New Home PSI is a unique measure of the housing market because it is made up of two components*: new home orders and the average sales rate per community. The new home orders component fell 12.9% year-over-year in November as supply continued to trickle lower. The average sales rate per community input rose positive for the first time since May 2021, increasing 3.4% year-over-year.