Home Sales Decline in November - Fine Homebuilding
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Home Sales Decline in November

comments (0) January 2nd, 2014 in Blogs
ScottG Scott Gibson, contributing writer

Click To Enlarge Photo: j.bach on Flickr.com

Sales of newly constructed single-family homes dropped about 2% in November from the previous month to an adjusted annual rate of 464,000, according to the National Association of Home Builders.

Far from discouraged by the decline, NAHB said November's rate was second only to October's adjusted total as the best showing since July 2008.

"The previous three months for new-home sales have all been revised up, and the final quarter of 2013 is shaping up to be the best quarter since the second quarter of 2008," NAHB chief economist David Crowe said in a news release. "Historically low interest rates, affordable home prices and a healing economy are bringing buyers back into the marketplace." 

Results from around the country were mixed. Both the West and the Northeast showed strong sales gains, up by 31% and 15%, respectively. But sales in the Midwest were off by nearly 27% and were down by 9% in the South.

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