U.S. New-Home Sales Rise, But Momentum Slows

Washington, Rabi’I 12, 1437, Dec 23, 2015, SPA — New U.S. single-family home sales in November rose, but only because fewer people purchased new homes in October than initially reported, the government said Wednesday, suggesting some loss of momentum in the housing market.
The Commerce Department said sales of new homes increased 4.3 percent to an annual rate of 490,000 units. But the October sales pace was revised down to 470,000 units from the previously reported 495,000 units.
Economists expected sales of new homes, which account for about 9.3 percent of the housing market, to rise to a rate of 505,000 units last month. New-home sales were up 9.1 percent from a year earlier.
The inventory of new homes on the market increased 2.2 percent to 232,000 in November, the highest since early 2010. At last month’s sales pace, it would take 5.7 months to clear the supply of houses on the market, down from 5.8 months in October. The median hew-home prices increased 0.8 percent from a year ago.
–SPA
21:13 LOCAL TIME 18:13 GMT