Financial News: U.S. New Home Sales Show Significant Rebound In

U.S. New Home Sales Show Significant Rebound In November

12/23/2024 - 10:42:00 (RTTNews)

(RTTNews) - After reporting a sharp pullback by new home sales in the U.S. in the previous month, the Commerce Department released a report on Monday showing a significant rebound by new home sales in the month of November.

The Commerce Department said new home sales surged by 5.9 percent to an annual rate of 664,000 in November after plunging by 14.8 percent to a revised rate of 627,000 in October.

Economists had expected new home sales to spike by 6.6 percent to an annual rate of 650,000 compared to the rate of 610,000 originally reported for the previous month.

The rebound by new home sales reflected sharp increases in the Midwest and South, where new home sales soared by 17.3 percent and 13.9 percent, respectively.

On the other hand, new home sales in the West dove by 7.5 percent and new home sales in the Northeast plummeted by 41.0 percent.

The report also said the median sales price of new houses sold in November was $402,600, down 5.4 percent from $425,600 and down 6.3 percent from $429,600 in the same month a year ago.

The estimate of new houses for sale at the end of November was 490,000, which represents 8.9 months of supply at the current sales rate. The months of supply is down from 9.2 in October but up from 8.8 in November 2023.

Last Thursday, the National Association of Realtors released a separate report showing another substantial increase by existing home sales in the month of November.

NAR said existing home sales spiked by 4.8 percent to an annual rate of 4.15 million in November after surging by 3.4 percent to an annual rate of 3.96 million in October. Economists had expected existing home sales to jump by 2.8 percent to an annual rate of 4.07 million.

With the much bigger than expected increase, existing home sales reached their highest level since hitting an annual rate of 4.22 million in March.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

N. Macedonia, Slovenia Central Bank Chiefs Say Financial Stability Has Further Strengthened (19 min(s), 41 sec(s) ago)
(RTTNews) - Central bank governors of North Macedonia and Slovenia have expressed confidence that ...Full Story»

Slovenia Housing Prices Rise Again In Q3, Sales At 14-Year Low (47 min(s), 41 sec(s) ago)
(RTTNews) - Prices of existing dwellings in Slovenia rose for a fourth consecutive quarter in a ro ...Full Story»

U.S. New Home Sales Show Significant Rebound In November (04 hr(s), 18 min(s), 41 sec(s) ago)
(RTTNews) - After reporting a sharp pullback by new home sales in the U.S. in the previous month, ...Full Story»

U.S. Consumer Confidence Unexpectedly Deteriorates In December (04 hr(s), 20 min(s), 41 sec(s) ago)
(RTTNews) - Consumer confidence in the U.S. has unexpectedly deteriorated in the month of December ...Full Story»

U.S. Durable Goods Orders Pull Back More Than Expected In November (04 hr(s), 30 min(s), 41 sec(s) ago)
(RTTNews) - New orders for U.S. manufactured durable goods slumped by much more than expected in t ...Full Story»

Lithuania Industrial Production Grows 4.1% (07 hr(s), 03 min(s), 41 sec(s) ago)
(RTTNews) - Lithuania's industrial output expanded in November, driven by strong growth in the ...Full Story»

Irish Consumer Confidence Weakens Marginally (07 hr(s), 30 min(s), 41 sec(s) ago)
(RTTNews) - Irish consumer confidence dropped slightly at the end of the year as households were w ...Full Story»

Irish Wholesale Prices Rise 2.1% In November (08 hr(s), 07 min(s), 41 sec(s) ago)
(RTTNews) - Ireland's wholesale prices increased for the first time in four months in November ...Full Story»