New home sales in the US plunged by 9% in November, after a 1.7% rise in October, the US Commerce Department said today.
The report showed sales of new homes fell to an annualised pace of 647,000 units amid a housing slump that has led to a spike in foreclosures.
Analysts' consensus forecast was for a more robust total of 715,000 units.
The 1.7% October sales rise came only after a sharp downward revision to September figures.
The average price of a new home in November fell 0.4% from November 2006 to $239,100, although the median - the mid-point between the highest and lowest price - was actually up 4.2% from October.
Sales estimates for October and September were cut by a total of 34,000.
