Those who are in the business of selling or using construction equipment got some bad news recently in the form of government data.
According to the U.S. Department of Housing and Urban Development and the Census Bureau, sales of new, single-family homes came in at a seasonally-adjusted annual rate of 355,000, which is an 11.3 percent drop when compared to October, when they came in at a revised rate of 400,000.
When compared to the same month last year - when home sales of new, single-family homes came in at an annual rate of 390,000 - this November's sales were down 9 percent.
The news on home sales comes as builders have already expressed dismay about the market. A recent report from the National Association of Home Builders shows a confidence index about new single-family home sales dropped from 17 to 16. A mark above 50 on the index indicates builders are feeling positive about the market.
Though sales were down in November, the recent extension of a tax credit for first-time buyers could help encourage people to buy homes, thereby improving the market.