New home sales fell 2.1% in November, worse than expectations for a 0.9% fall.
But the level came in at an annualized pace of 464,000.
This was better than expectations for a fall to an annualized pace of 440,000.
The median sales price of new houses was $US270,900 and the average sales price was $US340,300. There was 4.3 months’ supply of new homes at the current sales rate.
October new home sales were revised down to show a 17.6% rise to an annualized pace of 474,000.
This compares with the initial reading of a 25.4% rise to 444,000 in October.
There were two main factors behind the surge in October new home sales. First, they were coming off a weaker base and second, the impact of rising mortgage rates ended up being worse than expected but was temporary.
But economists expect home prices to slow going forward.
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