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New Home Sales in November at annual rate of 407,000
Sales of new one-family houses in November 2008 were at a seasonally adjusted annual rate of 407,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 2.9 percent (±13.9%)* below the revised October of 419,000 and is 35.3 percent (±11.4%) below the November 2007 estimate of 629,000.
The median sales price of new houses sold in November 2008 was $220,400; the average sales price was $287,500. The seasonally adjusted estimate of new houses for sale at the end of November was 374,000. This represents a supply of 11.5 months at the current sales rate.
Posted: December 23, 2008 Tuesday 10:03 AM