Citing data from the U.S. Department of Housing and Urban Development, and the Census Bureau, the National Association of Home Builders said April’s figures were downwardly revised as well. 

Single-family home sales were on pace for a 511,000 annual rate, the National Association of Home Builders said. 

Builders’ belief in the new single-family home market held steady in March, the National Association of Home Builders says.

Single-family production increased 7.2 percent to 822,000 units — its highest level since November 2007. 

The index, which is compiled with the assistance of Wells Fargo, said 63.3 percent of new and existing homes sold from October to December 2015 were affordable to families earning the country's median income. 

The index gauges builder sentiment in the single-family home market, asking builders to rate conditions as “good,” “fair” or “poor.” 

Nationwide new-home sales increased 4.3 percent to a seasonally adjusted 490,000 annual rate in November, according to figures released by the Department of Housing and Urban Development and the Census Bureau.

David Crowe, the NAHB’s chief economist, said the drop was likely a small correction.

 The National Association of Home Builders/Wells Fargo Housing Market Index for September reached its highest level since 2005.