Single-family home sales in November were at a seasonally adjusted annual rate of 490,000, a 4.3 percent increase above the October rate of 470,000 and 9.1 percent above the November 2014 rate of 449,000, according to the U.S. Census Bureau.
"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."
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 median sales price of new houses sold in November was $305,000, while the average sales price was $374,900.
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.
