New Home Sales Up 5.5% in November. Median Prices Improve

The U.S. Census Bureau and the Department of Housing and Urban Development have jointly released NEW RESIDENTIAL SALES for November 2010. The survey is primarily based on a sample of houses selected from building permits. Since a "sale" is defined as a deposit taken or sales agreement signed, this can occur prior to a permit being issued. Changes in sales price data reflect changes in the distribution of houses by region, size, etc., as well as changes in the prices of houses with identical characteristics. It takes four months to establish a trend of new home purchases. New Home Sales rose to an annualized rate of 290,000. This is better than the previous month (275,000) but a bit short of the consensus of 300,000. Still... Not outside a reasonable deviation. Geographical discrepancies were...(read more)

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Source: http://www.mortgagenewsdaily.com/12232010_new_home_sales_up_5_5_in_november_median_prices_improve.asp

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