New Home Sales Take a Dip

Sales of new one-family houses in November 2007 were at a seasonally adjusted annual rate of 647,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.  This is 9.0 percent below the revised October rate of 711,000 and is 34.4 percent below the November 2006 estimate of 987,000.

The median sales price of new houses sold in November 2007 was $239,100; the average sales price was $293,300.  The seasonally adjusted estimate of new houses for sale at the end of November was 505,000.  This represents a supply of 9.3 months at the current sales rate.

Read the entire report at www.census.gov.

Report is in pdf format and must be downloaded in order to be viewed.