New home sales at 640,000 annual rate in November versus 605,000 in prior month
The numbers: U.S. new home sales rose 5.8% to a seasonally-adjusted rate of 640,000 in November, from a revised 605,000 in the prior month, the Commerce Department reported Friday.
The November sales figure beat analyst estimates. Analysts polled by the Wall Street Journal had forecast new home sales to come in at 600,000 in November.Year-over-year, new home sales are still down by 15.3%. Regionally, the West led the U.S. in the number of new homes sold, with new homes sold surging by 27.6%, followed by the Midwest.Big picture: 7% mortgage rates didn’t put a damper on new home sales, as seen in today’s report.
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