US new home sales jump nearly 17 percent in November
WASHINGTON (AP) — Sales of new U.S. homes soared in November, defying higher mortgage rates. But they’re still below year-ago levels.
The Commerce Department said Thursday that new home sales jumped 16.9 percent in November from the previous month to a seasonally adjusted annual rate of 657,000.
The report was delayed by the 35-day government shutdown. Despite the healthy gain, sales remained 7.7 percent below the pace from a year ago.
The housing market stumbled badly at the end of the year as mortgage rates reached a seven-year high near 5 percent. Sales of existing homes plunged in December and were 3.1 percent lower in 2018 than the previous year.
Steady price gains, higher borrowing costs, and a limited supply of available houses have discouraged many would-be buyers.
The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.
Truth and Accuracy
We are committed to truth and accuracy in all of our journalism. Read our editorial standards.
