New Home Sales Fall 2.1%; Still Beat Expectations
New single-family home sales fell 2.1% to a seasonally adjusted annual rate of 464,000 for November, according to a Commerce Department report (link opens a PDF) released today.
After October's previously published 354,000 rate was revised to 474,000 in this latest report, November's numbers look slightly lackluster. But this report solidly beat analyst expectations of a seasonally adjusted annual rate of 450,000. The annual pace of new-home sales remains well below the 700,000 generally consistent with a healthy market.
On a regional level, new home sales in the West shot up 31% month-over-month, followed by a 15% boost in the Northeast. Sales in the South fell 9%, while Midwest sales dropped 27% from October to November. In the past 12 months, national sales of new homes are up 17%.
At the current rate of sales, there is an estimated 4.3 months of supply, compared with 4.5 months in October. The median sales price for homes in November clocked in at $270,900, up from $259,200 in October. The average sales price in November was $340,300, up from $326,800 in October.
-- Material from The Associated Press was used in this report.
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