Abode Action

While November newly built single-family sales were 733,000 on an annualized adjusted basis, the best level since 7/07, and up 17.5% from October, don’t break out the champagne. Sales were up 17.6% because October sales were revised down by 61,000. Moreover, sales are up in part because multifamily activity is declining, and a higher percentage of multifamily units are rentals. That said, YTD single-family sales are up a healthy 9.1%.