New home sales increase 5.5% in November

Sales of new single-family houses in November 2010 were at a seasonally adjusted annual rate of 290,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development -- a 5.5% increase over October.

However, the figure is 21.2% below the same month last year.

Commerce Department data also show the median sales price of new houses sold in November 2010 was $213,000; the average sales price was $268,700. The seasonally adjusted estimate of new houses for sale at the end of November was 197,000. This represents a supply of 8.2 months at the current sales rate.

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