New Residential Sales Slide in November 2009

 

The median sales price of new houses sold in November 2009 was $217,400; the average sales price was $280,300. The seasonally adjusted estimate of new houses for sale at the end of November was 235,000. This represents a supply of 7.9 months at the current sales rate.

Sales of new one-family houses in November 2009 were at a seasonally adjusted annual rate of 355,000, according to estimates. This is 11.3 percent (±11 percent) below the revised October rate of 400,000 and is 9 percent (±15.3 percent)* below the November 2008 estimate of 390,000. With interest rates still extremely low, residential sales will eventually rebound along with the economy.

The Midwest increased its sales 23.6 percent over that time while the other regions of the country reported losses, including the Northeast at a decline of 23.7 percent, followed by the South at 14.8 percent and West at 9.2 percent. – Courtesy of Economics and Statistics Administration