According to the U.S. Census Bureau, Single-family home sales reach annual rate of 490,000 in November, 4.3 percent increase above the October rate of 470,000, and 9.1 percent above the November 2014 rate of 449,000.The median sales price of new houses sold in November was $305,000, while the average sales price was $374,900.Regionally, sales increased 20.5 percent in the West and 4.5 percent in the South. Sales dropped 28.6 percent in the Northeast and 8.6 percent in the Midwest.The seasonally adjusted estimate for new homes for sale at the end of November was 232,000, which represents a supply of 5.7 months at the current sales rate.


"Limited gains in new-home sales can be attributed to a weak existing sales report," said David Crowe, National Association of Home Builders chief economist, in a statement. "People who already own a house comprise most of the new residential construction market, and they often must sell their existing home before making another purchase."