New Home Sales Rose in November

Sales of new single-family homes rose in November to a seasonally adjusted annual rate of 490,000 according to the U.S. Census Bureau and Department of Housing and Urban Development. The November rate is 4.3 percent above the revised October rate of 470,000, and 9.1 percent above the year ago rate of 449,000.

New home sales increased in two of the four regions. Home sales rose  20.5 percent in the West and 4.5 percent in the South, but declined 28.6 percent in the Northeast and 8.6 percent in the Midwest.

The median sales prices of new houses was $305,000, up from $286,900 in October. The average price was $374,900, down from $358,100 last month.

At the end of November there was an estimated supply of 5.7 months at the current sales rate, down from 5.8 in October.

Read the Census/HUD release.