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. 


Source: Census.gov. 

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. 

link

The article New Home Sales Fall 2.1%; Still Beat Expectations originally appeared on Fool.com.

You can follow Justin Loiseau on Twitter, @TMFJLo, and on Motley Fool CAPS, @TMFJLo.Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.