US sales of new homes slipped 2.1 per cent in November after jumping in October

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In this Monday, Nov. 11, 2013 photo, a worker caulks the peak of a new condominium complex under construction in Pepper Pike, Ohio. The Commerce Department releases new home sales for November on Tuesday, Dec. 24, 2013. (AP Photo/Tony Dejak)

WASHINGTON – Sales of new homes slipped slightly in November after a big surge in the previous month.

The Commerce Department says sales dipped 2.1 per cent in November to a seasonally adjusted annual rate of 464,000. In October, new-home sales had shot up 17.6 per cent, the biggest one-month gain in more two decades. The October annual sales pace of 474,000 was the highest since July 2008.

The median price of a new home sold in November rose to $270,900, up 10.6 per cent from a year ago.

Before the big rebound in October, home sales had slowed over the summer. They did so after mortgage rates spiked amid investor concerns about how fast the Federal Reserve would remove its support for the economy.

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