Report: New home sales hit 12-year low

Sales of new single-family homes fell by 9 percent from October to November, down to a seasonally adjusted rate of 647,000, according to a new report (PDF) from the U.S. Department of Commerce.

The AP reports that the new numbers represent the lowest sales level since April 1995, when approximately 621,000 new homes were sold.

Here in the Midwest, new home sales fell from 127,000 in October to 92,000 in November, a 27.6-percent drop. The West, however, saw some good news; sales there rose 4 percent between October and November.

The median and average sales prices of new homes were slightly above $239,000 for the month of November 2007.

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