By Ruth Mantell
WASHINGTON (MarketWatch) -- Sales of new single-family homes declined in November, but remained close to the fastest pace since 2008, with buyers shaking off rising mortgage rates, according to U.S. Commerce Department data released Tuesday. Sales of new single-family homes declined 2.1% last month to a seasonally adjusted annual rate of 464,000, down from a rate of 474,000 in October, which was the fastest pace since July 2008. Rising mortgage rates hit home sales over the summer, but sales have rebounded in recent months. Economists polled by MarketWatch had expected a November sales rate of 440,000, compared with a previously estimated October rate of 444,000. Home sales in November were mixed regionally, dropping 27% in the Midwest and 9% in the South, while rising 15% in the Northeast and 31% in the West. The median price of new homes rose 4.5% in November to $270,900, and was up 10.6% from a year earlier, the strongest annual growth since June. Meanwhile, the supply of new homes on the U.S. market declined to 4.3 months in November at the current sales pace from 4.5 months in October. Sales of new homes in November were up 17% from a year earlier.
