November New Home Gain Overshadowed by October Revision

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Posted To: MND NewsWire

Newly constructed single-family homes continued to sell well in November however October's earlier robust report was scaled down dramatically . The Census Bureau and the Department of Housing and Urban Development estimates that new homes sold at a seasonally adjusted annual rate of 490,000 in November an increase of 4.3 percent compared to October and 9.1 percent above the rate in November 2014. October's sales numbers were downgraded from the 498,500 units originally reported to 470,000 turning a 10.7 increase over September into a more modest 6.3 percent gain. The November number was solidly within the range of 479,000 to 531,000 units predicted by analysts but fell below the consensus of 505,000. On a non-seasonally adjusted basis there were an estimated 34,000 homes sold during the month...(read more)

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Source: http://www.mortgagenewsdaily.com/12232015_new_home_sales.asp

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