New Home Sales in the U.S. Continue Downward in November Dec 24, 2008

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Sales of newly built single-family homes in the United States declined 2.9% in November to a seasonally adjusted annual rate of 407,000 units, according to the U.S. Commerce Department. This was the slowest sales pace reported since January 1991.

The inventory of new homes for sale declined for the 19th consecutive month in November to 374,000 units, from 402,000 units in October. The months' supply at the current sales pace declined to 11.5 from a revised 11.8 in October, which was a record high.

Regionally, new-home sales were mixed in November, with two regions posting gains and two posting declines. The Northeast and West each regained some ground, with 14.3% and 11% gains, respectively, while the Midwest and South posted declines of 16.4% and 7.1%, respectively. All four regions were down by more than 25% on a year-over-year basis.

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