November New Home Sales Down 1.6%

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Sales of newly built single-family homes fell 1.6 percent in November from October’s sales rate. New home sales were also down 1.6 percent from one year earlier. The drop – which included decreases in three of four U.S. regions – brought sales to their slowest pace in four months and fell well below economists’ expectations for the month. Sales were down 12 percent in the Northeast, 6.4 percent in the South, and 6.3 in the Midwest. The West, on the other hand, saw a nearly15 percent increase in new home sales. Despite the overall downturn, however, analysts warn not to place too much importance in monthly readings, as month-to-month estimates can be volatile and are often revised after their initial release. Also in the report, the median sales price of new homes sold in November was $280,900; the average sales price was $321,800. At the end of the month, there was a 5.8-month supply of new homes available for sale at the current sales rate. More here.

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