Sales of New Residential Homes Advance in November

New homes sales climb 1.6 percent over October: rate trends 9.8 percent above November 2010.

Sales of new single-family houses in November 2011 were at a seasonally adjusted annual rate of 315,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.

This is 1.6 percent (±12.2%)* above the revised October rate of 310,000 and is 9.8 percent (±19.5%)* above the November 2010 estimate of 287,000.

The median sales price of new houses sold in November 2011 was $214,100; the average sales price was $242,900.

The seasonally adjusted estimate of new houses for sale at the end of November was 158,000. This represents a supply of 6.0 months at the current sales rate.