New US Home Sales Fall 11.3% in November: Census
Sales of new single-family homes in November dropped 11.3% from the previous month, according to a report from the US Census Bureau and the Department of Housing and Urban Development (HUD). Statistics were estimated from sample surveys primarily based on a sample of houses selected from building permits. Sales in November reached a seasonally adjusted annual rate of 355,000, according to the report, a fall from 400,00 in October and a 9% drop from November 2008’s estimate of 390,000. The median sales price of new homes sold in November reached $217,400, according to the report. In terms of inventory still on the market, 235,000 new homes were still for sale at the end of November. At the current sales rate, it would take 7.9 months to move through the inventory, up from 7.2 months in October. While the National Association of Realtors (NAR) put its housing inventory at a 6.5-month supply in November, its report covers both new and existing homes sales, including single-family, townhomes, condominiums and co-op transactions, while the Census report studies only new homes. The South led all regions in sales, totaling 179,000 sales in November, according to the data. The West was second with 79,000 sales. The Midwest had 68,000 sales, and the Northeast moved 29,000 homes in November. Write to Jon Prior.