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New home sales slip in November

Dec. 24, 2013 at 11:06 AM

WASHINGTON, Dec. 24 (UPI) -- Sales of new one-family homes slipped 2.1 percent in November compared to October, the U.S. Commerce Department said Tuesday.

Sales of new homes reached a seasonally adjusted annual rate of 464,000, down from the revised October rate of 474,000.

From a year earlier, sales rose 16.6 percent. In November 2012, the seasonally adjusted annual rate of sales posted was 398,000.

The median sales price of a new home was $270,900 in November.

The department said it would take 4.3 months for the market inventory of 167,000 new homes on the market to sell at the current rate of sales.

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