New-Home Sales Rise in November

NEW YORK ( TheStreet ) -- Sales of new homes rose more than expected in November according to a Census Bureau report.

Single-family home sales rose 1.6% to an adjusted annual rate of 315,000 from a revised 310,000 in October. Economists expected new-home sales to rise to 313,000 from an originally reported 307,000.

The average sales price of new homes was $242,900, and there is a six month supply of new homes available at current sales rates.

"Inventory has come down as a function of weakening prices so it does seem the housing story is flattening out even as prices continue to drop," said David Ader with CRT Capital.

-- Written by Ross Tucker in New York.

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