New-Home Sales Rose in November After Weak October

Wednesday, December 23, 2015 10:26 am | < 1 Minute Read

FILE - In this Wednesday, March 25, 2015, file photo, apartment buildings under construction are seen, in Maitland, Fla., a suburb of Orlando. The Commerce Department reports on October U.S. home construction Wednesday, Nov. 18, 2015. (AP Photo/John Raoux, File) — In this March 25, file photo, apartment buildings under construction are seen, in Maitland, Fla., a suburb of Orlando. (AP Photo/John Raoux, File)

Americans appear less inclined to buy new homes as the year ends. Sales improved in November only because fewer people bought new homes in October than initially reported.

The Commerce Department says new-home sales rose 4.3 percent last month to a seasonally adjusted annual rate of 490,000. But that increase was made possible because the sales rate for October was revised downward to 470,000 from 495,000.

The housing market has strengthened for much of this year. Yet it has noticeably cooled since September as purchases of new homes in the Northeast and Midwest have been uneven. Year to date, new-home sales have advanced 14.5 percent, helped by job growth and relatively low mortgage rates.

The median new-home sales price has risen 0.8 percent from a year ago to $305,000.

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