Homes sales decline in November
New-home sales declined 1.6 percent in November 2014 to a seasonally adjusted 438,000-unit annual rate, according to the latest figures from the U.S. Census Bureau and Department of Housing and Urban Development.
Citing the government data, the National Association of Home Builders, said the dip in newly built single-family house sales is likely not the sign of a downward trend.
"Though home sales have edged slightly lower, builders are reporting confidence in the market and are increasing their inventory in anticipation of future business," said Kevin Kelly, chairman of the association) and a home builder and developer from Wilmington, Del.
David Crowe, the NAHB’s chief economist, agreed.
"Sales have held in a relatively stable range during the past four months," Crowe said. "As the labor market and broader economy continue to strengthen, we can expect the housing sector to gain momentum heading into next year."
Inventories of new homes reached 213,000 in November, reach equals a 5.8-month supply at current sales levels, the association said.