New Home Sales Implode 11% in November, Says HUD

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(WASHINGTON, D.C.) -- According to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development, sales of new one-family houses in November 2009 were at a seasonally adjusted annual rate of 355,000,

This is 11.3 percent (±11.0%) below the revised October rate of 400,000 and is 9.0 percent (±15.3%) below the November 2008 estimate of 390,000.

The median sales price of new houses sold in November 2009 was $217,400; the average sales price was $280,300. The seasonally adjusted estimate of new houses for sale at the end of November was 235,000.

This represents a supply of 7.9 months at the current sales rate.

These HUD numbers show how consumers and investors are far more interested in purchasing rock-bottom priced foreclosures and short-sale homes at the expense of new home construction nationwide.

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