New home sales rise nationwide, but fall short of expectations

New home sales improved last month across the country, but at a slower rate than some housing analysts had expected. According to the Department of Commerce’s November figures, released today, sales of new single-family homes were at an annual rate of 290,000 — 5.5 percent above October’s rate but 21.2 percent below that of November 2009, when 368,000 such properties were selling per year. That’s somewhat short of expectations, as housing analysts in a recent Reuters poll predicted that November’s rate would eclipse 300,000. With an estimated 197,000 new homes still on the market, the report says that the new home sales rate makes for an 8.2-month inventory. The median sales price last month was $213,000. TRD