Tuesday, December 23, 2014

New Home Sales Declined in November

Sales of new single-family houses in November declined to a seasonally adjusted annual rate of 438,000 according to the U.S. Census Bureau and Department of Housing and Urban Development. The November rate is 1.6% below both the revised October rate of 445,000 and year-ago rate.

New home sales in three of the four regions declined this month. The Northeast declined 12.0%, the Midwest declined 6.3% and the South declined 6.4%. Conversely, the West increased 14.8%.

The median sales price of new homes sold in November was $280,900, down 3.2% from October. The average price was $321,800, down 14.2% from October.

At the end of November, there were an estimated supply of 5.8 months at the current sales rate.

Read the Census report.

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