New Home Sales Decline
Despite the presence of a tax credit for first-time buyers and other indications that the economy is turning around, new home sales fell 11% last month.
The shift represented a 9% decline from November 2008, the Departments of Commerce and Housing and Urban Development reported today.
November's sales were at a seasonally adjusted annual rate of 355,000, compared with 400,000 in October and 390,000 in November 2008.
Last month, new home sales fell from October's levels in the Northeast and South by 3.3% and 21.1%, respectively. They increased in the Midwest and West by 21.4% and 9.2%, respectively.
The year-to-year sales figures fell in the Northeast, South and West by
23.7%, 14.8%, and 9.2%, respectively. They increased in the Midwest by 23.6%.
November's median price for a new home was $217,400, compared with $212,200 in October. The average sales price was $280,300, compared with $261,100 in October.