New Home Sales End 2016 on Negative Note

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Posted To: MND NewsWire

New home sales contracted sharply in December, more than reversing their November gain and ending the year at a slightly lower rate than that of the previous December. For the year as a whole however, 2016 sales were much improved over those in 2015. The U.S. Census Bureau and the Department of Housing and Urban Development reported that sales in December were at a seasonally adjusted annual rate of 536,000. This was down 10.4 percent from the November pace of 598,000 (revised upward from an original estimate of 592,000) and off by 0.4 percent from the annual rate in December 2015. Sales of newly constructed single-family homes over the entirety of 2016 were estimated at 563,000. This is a gain of 12.2 percent from the 501,000 homes sold in all of 2015. Analysts polled by Econoday had expected…(read more)

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