Despite the presence of a tax credit for first-time buyers andother indications that the economy is turning around, new homesales fell 11% last month.

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The shift represented a 9% decline from November 2008, theDepartments of Commerce and Housing and Urban Development reportedtoday.

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November's sales were at a seasonally adjusted annual rate of355,000, compared with 400,000 in October and 390,000 in November2008.

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Last month, new home sales fell from October's levels in theNortheast and South by 3.3% and 21.1%, respectively. They increasedin the Midwest and West by 21.4% and 9.2%, respectively.

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The year-to-year sales figures fell in the Northeast, South andWest by

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23.7%, 14.8%, and 9.2%, respectively. They increased in theMidwest by 23.6%.

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November's median price for a new home was $217,400, comparedwith $212,200 in October. The average sales price was $280,300,compared with $261,100 in October.

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