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New-home sales fall 11% in November

Months' supply drops 30.7% year-over-year

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New residential sales in November decreased an estimated 11.3 percent from October to November, and is about 9 percent lower than the estimate for November 2008, to data released Wednesday by the U.S. Census Bureau and the Department of Housing and Urban Development.The report comes on the heels of a rise in resale home sales for the third straight month reported Tuesday by the National Association of Realtors (see article). Sales of new single-family houses in November were at a seasonally adjusted annual rate of 355,000. This rate is a projection of a monthly total over a 12-month period, adjusted to account for seasonal flutuations in the annual rate. The median sales price of new houses sold in November was $217,400, down from $221,600 in November 2008, according to the report.There was an estimated 7.9 months' supply of new homes available for sale at the end of November, which is up from October's estimate of 7.2 months but down 30.7 percent compared to an estimated supply o...