Posted To: MND NewsWire

New home sales essentially fell of a cliff in November. The U.S. Census Bureau and the Department of Housing and Urban Development said on Wednesday that sales of newly constructed single-family homes, after slowing in September and October declined by 11.0 percent in November. Sales, on a seasonally adjusted annual basis were at a rate of 841,000 units compared to a revised estimate of 945,000 units in October. That month’s sales were originally reported at 999,000 units. Even with three straight monthly losses, year-over-year new home sales are up 20.8 percent. Sales had been expected to decline, but not nearly so aggressively. Econoday’s analysts had expected a number between 965,000 and 1,015,000 units with a consensus of 989,000. Trading Economics was looking for sales of 985,000, a 1…(read more)

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Source: Mortgage News Daily