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WASHINGTON, Dec 23: Sales of new US homes slumped 11.3 per cent in November to signal a long-awaited property market slowdown, the Commerce Department estimated on Friday.
The sales figure of 1.245 million was less than the 1.3 million expected by analysts and well down from the revised 1.404 million seen in October, when new home sales posted a record rise.
Inventories of homes still on the market rose 3.3 per cent to a record 503,000, representing the higher number of unsold properties since December 1996. The median price of new homes sold fell 4.0 per cent.—AFP
