Sales of new U.S. single-family homes increased in November, suggesting low mort...
WASHINGTON, - Sales of new U.S. single-family homes increased in November, suggesting low mortgage rates continued to support the housing market, though sales activity in the prior month was weaker than previously reported.
The Commerce Department said on Monday new home sales rebounded 1.3% to a seasonally adjusted annual rate of 719,000 units last month, lifted by gains in activity in the Northeast and West regions. October’s sales pace was revised down to 710,000 units from the previously reported 733,000 units. The housing market is regaining momentum after the Federal Reserve cut interest rates three times this year, pushing down mortgage rates from last year’s multi-year highs. Single-family building permits scaled their highest level since July 2007 in November. Confidence among homebuilders in December reached levels last seen since June 1999.
The median new house price increased 7.2% to $330,800 in November from a year ago. Sales last month were concentrated in the $200,000-$400,000 price range. Homes priced below $200,000, the most sought after, accounted for only 10% of sales.
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