WASHINGTON -- Sales of new homes fell 2.9% in November, and were 35% below the levels of November 2007, the Commerce Department reported today.
There were 407,000 new homes sold, compared with 419,000 in October and 629,000 in October 2007.
The median price for a new home was $220,400, compared with $218,000 in October. The average price was $287,500, compared with 272,000 in October.
November's new home sales increased from their October levels in the Northeast and West by 14.3% and 11.0%, respectively. They fell in the South and Midwest by 7.1% and 16.4%, respectively.
The year-over-year sales figures declined in all four regions: 27.3% in Northeast, 32.2% in the West, 34.9% in the Midwest, and 36.1% in the South.