WASHINGTON (UPI) — Sales of new one-family homes slipped 2.1 percent in November compared to October, the U.S. Commerce Department said Tuesday.
Sales of new homes reached a seasonally adjusted annual rate of 464,000, down from the revised October rate of 474,000.
From a year earlier, sales rose 16.6 percent. In November 2012, the seasonally adjusted annual rate of sales posted was 398,000.
The median sales price of a new home was $270,900 in November.
The department said it would take 4.3 months for the market inventory of 167,000 new homes on the market to sell at the current rate of sales.