New Home Sales Slip in November

Washington, DC, Dec. 23, 2014 -- Sales of new single-family homes fell 1.6% in November, according to the Commerce Department.

Sales declined to a seasonally adjusted annual rate of 438,000, the slowest pace in four months.

Economists expected a November rate of 450,000, compared with an originally reported pace of 458,000 for October.

The median price of new homes sold rose to $280,900 in November, up 1.4% from a year ago.