New Home Sales Fall 11.3% from October
It looks like new home sales are slowing down.
Sales of new homes plunged in November by the largest amount in nearly 12 years, the most dramatic evidence yet that the booming housing market is starting to cool off.
The Commerce Department reported yesterday that sales of new single-family homes fell by 11.3 percent last month to a seasonally adjusted annual rate of 1.245 million units.
Analysts had been expecting a drop of around 8.7 percent given that sales in October had jumped unexpectedly to a record high. But many said the size of the decline was a clear indication that the five-year boom in housing has peaked.
In addition to the big plunge in sales, the median price of a new home dropped by 4.1 percent from the October level to $225,200. That was up only 0.3 percent from November 2004, representing a marked slowdown from what had been double-digit price gains. AP
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