New Single-Family House Sales Decrease 1.6 Percent in November

Sales of new single-family houses in November were at a seasonally adjusted annual rate of 438,000, according to the U.S. Census Bureau.

The November rate is 1.6 percent below both the October rate of 445,000 and the November 2013 rate of 445,000.

"Though home sales have edged slightly lower, builders are reporting confidence in the market and are increasing their inventory in anticipation of future business," said Kevin Kelly, chairman of the National Association of Home Builders (NAHB), in a statement.

The median sales price of new houses sold in November 2014 was $280,900 and the average sales price was $321,800.

The seasonally adjusted estimate of new houses available for sale at the end of the month was 213,000—a supply of 5.8 months at the current sales rate.

"Sales have held in a relatively stable range during the past four months," said NAHB Chief Economist David Crowe in a statement. "As the labor market and broader economy continue to strengthen, we can expect the housing sector to gain momentum heading into next year."