Sales of new single-family homes slipped, falling 2.9% to a 407,000 seasonally adjusted annual rate in November, according to data released by the Commerce Department Tuesday.
The November figure came after a downwardly revised 419,000 rate in October, a 5.2% drop originally reported as a 5.3% decrease to 433,000. Thomson Reuters’ poll of economists had predicted a 420,000 sales level for November.
Sales of new homes were 35.3% below the 629,000 rate in November 2007. The supply of new homes at the current sales rate slid to 11.5 months from 11.8 months in October.
At the end of November, the number of new homes on the market decreased to 374,000 from 402,000.
The unadjusted average price of a new single-family home gained to $287,500 from $279,500.
Meanwhile, the unadjusted median price grew to $220,400 from $214,600 in October.
