US sales of new homes slipped 2.1 percent in Nov.

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Associated Press

Posted on December 24, 2013 at 9:33 AM

Updated Tuesday, Dec 24 at 11:02 AM

WASHINGTON (AP) — Sales of new homes slipped slightly in November after a big surge in the previous month.

The Commerce Department says sales dipped 2.1 percent in November to a seasonally adjusted annual rate of 464,000. In October, new-home sales had shot up 17.6 percent, the biggest one-month gain in more two decades. The October annual sales pace of 474,000 was the highest since July 2008.

The median price of a new home sold in November rose to $270,900, up 10.6 percent from a year ago.

Before the big rebound in October, home sales had slowed over the summer. They did so after mortgage rates spiked amid investor concerns about how fast the Federal Reserve would remove its support for the economy.

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