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Census Bureau: November new-home sales decline on monthly basis [VIDEO]

Posted on Monday, December 29, 2014 at 11:42:06 AM

This past year has been a volatile one for both the economy and the housing market, with conditions fluctuating on a month-to-month - and even week-to-week - level.

That didn't change in November, either - even with historically low residential financing rates. According to the U.S. Census Bureau and the Department of Housing and Urban Development, new single-family home sales dropped on a monthly basis by 1.6 percent to an annual rate of 438,000 units. The decline was the same when compared to the November 2013 rate.

In addition, the Census Bureau reported that the median sales price for new homes in November was $280,900. The average sales price was $321,800.

Even with the decline in sales, homebuilders remain optimistic, according to the National Association of Home Builders.

"Though home sales have edged slightly lower, builders are reporting confidence in the market and are increasing their inventory in anticipation of future business," explained Kevin Kelly, chairman of the NAHB.

David Crowe, the NAHB's chief economist, added that the positive elements of 2014 will help shape the housing market in the new year.