NEW YORK (CNNMoney.com) — New home sales edged higher in November, but the recovery remains sluggish.
Sales of new homes rose 5.5% to an annual rate of 290,000 in November, the Commerce Department reported Friday. And while that shows improvement, sales are still off 21.2% from a year ago.
The results also fell short of analysts’ expectations. Housing experts at Briefing.com expected sales to increase to a seasonally adjusted annual rate of 300,000 units, from a revised 275,000 unit rate in October.
The median price of a new home in November was $213,000, up from $194,000 in October, which was the lowest price in seven years. Additionally, the most popular price point for homes was between $150,000 and $300,000.