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- U.S. new home sales plunge 11 percent in November
U.S. new home sales plunge 11 percent in November
The U.S.
Commerce Department announced on Wednesday that the sales of new single-family
homes plunged 11.0 percent m-o-m to a seasonally adjusted annual rate of 841,000
units in November. That was the lowest reading since June.
Economists had
forecast the sales pace of 995,000 last month.
October’s sales
pace was revised down to 945,000 units from the originally reported 999,000 units.
According to
the report, new home sales in the South, the largest area, declined 2.0 percent
m-o-m in November. Meanwhile, sales in the Midwest tumbled 43.3 percent m-o-m, sales
in the West slumped 17.3 percent m-o-m and sales in the Northeast decreased 2.5
percent m-o-m.
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