Sales of new homes in the United States fell in November to a 17-year low, and sale prices for existing homes dropped by the most on record, according to reports released last week.

The Commerce Department said Tuesday that new-home sales dropped 2.9% from October to an annual pace of 407,000, lower than forecast. The median sales price declined 11.5% from a year earlier, to $220,400. Sales of new homes were down 35% from November 2007.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.