New Home Sales Fall in November

 

Plain and Simple: When you see improvement in home sales, it?EUR??,,????'?????<-Photo Courtesy of Reuters

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Activity is still stagnate at near record low levels. New Residential Home Sales survey data for November 2009 is primarily based on a sample of houses selected from building permits. Since a sale is defined as a deposit taken or sales agreement signed, this can occur prior to a permit being issued. Changes in sales price data reflect changes in the distribution of houses by region, size, etc., as well as changes in the prices of houses with identical characteristics. It takes four months to establish a trend of new home purchases

In last month’s release, which reported on October survey data, sales of new single family houses rose 6.2 percent to a rate of 430,000 annual transactions, much better than the market’s expectation for 410,000 annual sales and 25,000 units higher than the revised higher 405,000 pace reported in September.

The estimate of new houses for sale at the end of October was 239,000. At that annual pace of sales, new home supply would last for 6.7 months. The median sales price of new houses sold in October 2009 was $212,200; the average sales price was $261,100. ?EUR??,,????'?????<