New home sales climb – but recovery is sluggish

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.

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About Robert Paul

Robert is a realtor in Bedford NY. He has been successfully working with buyers and sellers for years. His local area of expertise includes Bedford, Pound Ridge, Armonk, Lewisboro, Chappaqua and Katonah. When you have a local real estate question please call 914-325-5758.

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