Washington, DC, December 23, 2005—New home sales fell 11.3 percent in November to a 1.245 million annual rate, according to the Commerce Department.
Economists had expected sales to fall to a 1.3 million annual rate during the month.
The number of homes for sale at the end of the month increased to a record 503,000 in November from 487,000 a month earlier. The supply of new homes at the current sales pace rose to 4.9 months, the most since December 1996, from October's 4.2 months.
Sales fell in three of four regions. They decreased 22.1 percent in the West, the biggest fall in more than 10 years, to 342,000; 18.3 percent in the Midwest to 156,000; and 5.5 percent in the South to 654,000. They rose 13.4 percent in the Northeast to 93,000.
