Sales of new homes in the US dropped more than 10% in November 2009, according to latest estimates published by the US Department of Commerce.
In particular, the seasonally adjusted annual rate of sales of new single-family homes in the US dropped to 355,000 units in November 2009 from an estimated 400,000 in October 2009, representing a monthly drop of 11.3%. This was the third and largest monthly decrease in the last four months (see graph below), as sales of new single-family homes in the US decreased in August and September by 2.6% and 3.7%, respectively, and increased in October by 1.8%. On a year-over-year basis seasonally adjusted US sales of new homes were 9% lower than the volume achieved in November 2008.
Trends in sales of new homes varied widely across US regions not only in terms of magnitude but also in terms of direction in November 2009. More specifically, sales of new single-family homes decreased in the Northeast, South and West but in the Midwest they registered a double-digit increase of 21.4% on a monthly basis.
The South posted the worst performance as sales of new single-family homes posted a monthly drop of 21.1%, while the West was the second worst performing region with a monthly drop of 9.2%. Sales of new homes in the Northeast registered a monthy drop of 3.3%.
Monthly Trends in US Sales of New Homes
Sources: US Department of Commerce,www.property-investing.org
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