November New Home Sales - Worth the Wait

Posted To: MND NewsWire

New home sales exploded in November, rising 16.9 percent from October's dismal performance to a seasonally adjusted annual rate of 657,000 units. The report from the U.S Census Bureau and the Department of Housing and Urban Development, delayed by over a month by the partial government shutdown, was in sharp contrast to the 8.9 percent decline from September to October with a reported 544,000 in annualized sales. The October number was also revised upward to 562,000 units. Sales have been down on a monthly basis in nearly every report since May, so despite the large November gains, new home sales remain 7.7 percent lower on an annual basis. Sales in November 2017 were estimated at an annualized 712,000 units. The results blew analysts estimates out of the water. Those polled by Econoday had...(read more)

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