According to the U.S. Department of Housing and Urban Development and the Census Bureau, sales of new, single-family homes came in at a seasonally-adjusted annual rate of 355,000, which is an 11.3 percent drop when compared to October, when they came in at a revised rate of 400,000.
When compared to the same month last year - when home sales of new, single-family homes came in at an annual rate of 390,000 - this November's sales were down 9 percent.
The news on home sales comes as builders have already expressed dismay about the market. A recent report from the National Association of Home Builders shows a confidence index about new single-family home sales dropped from 17 to 16. A mark above 50 on the index indicates builders are feeling positive about the market.
Though sales were down in November, the recent extension of a tax credit for first-time buyers could help encourage people to buy homes, thereby improving the market.
