U.S. Census Bureau

Home Sales Decline With Continued Economic Deterioration 

New home sales decreased 2.9 percent from October to November, coming in at approximately 407,000 units, according to data released Tuesday by the U.S. Census Bureau. The largest concentration of home sales occurred in the South, where 210,000 units were sold. Only 40,000 units were sold in the Northeast. Unsold inventory came in at 374,000 units in November, down 7 percent from the previous month and down 25.5 percent from November 2007. This represents 11.5 months’ unsold supply, up from the 9.5 months’ supply recorded in November 2007.