New Home Sales Remain Near 12 Year Highs

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Posted To: MND NewsWire

New home sales continued their recent run in November, increasing by 1.3 percent from the revised October rate of 710,000 to a seasonally adjusted annual rate of 719,000 units. The numbers were deceiving however, as that October rate was revised down from the original estimate of 733,000 units. On an annual basis, the U.S. Census Bureau and Department of Housing and Urban Development said November sales were 16.9 percent higher than a year earlier when the rate was 615,000 units. Sales in October had been estimated at a 31.6 percent year-over-year improvement. The November rate of sales was barely sufficient to make it into the range of forecasts by analysts polled by Econoday . Those ranged from 715,000 to 750,000 units with a consensus of 735,000. That said, anything over 700k puts sales…(read more)

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