US new home sales rise less than expected in November

US new home sales rose less than expected in November, suggesting the housing market could be running out of steam.

According to data released by the Commerce Department, purchases of new single-family homes were up 4.3% to a seasonally-adjusted annual rate of 490,000, falling short of economists’ expectations for a sales pace of 504,000.

Meanwhile, October’s sales pace was revised down to 470,000 from 495,000.

The median price of a home rose 6.3% to $305,000, up a just a touch from $302,700 a year ago.