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New Home Sales on the Rise

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New home sales surged nearly 17% in Nov.

WASHINGTON (AP) – Jan. 31, 2019 – Sales of new U.S. homes soared in November, defying higher mortgage rates. But they're still below year-ago levels.

The Commerce Department said Thursday that new home sales jumped 16.9 percent in November from the previous month to a seasonally adjusted annual rate of 657,000.

The report was delayed by the 35-day government shutdown. Despite the healthy gain, sales remained 7.7 percent below the pace from a year ago.

The housing market stumbled badly at the end of the year as mortgage rates reached a seven-year high near 5 percent. Sales of existing homes plunged in December and were 3.1 percent lower in 2018 than the previous year.

Steady price gains, higher borrowing costs, and a limited supply of available houses have discouraged many would-be buyers.

AP Logo Copyright © 2019 The Associated Press, Christopher Rugaber. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

                                                                                                                                                 

Information provided by Florida Realtors.  Click here to see the original article.

Reprinted with permission Florida Realtors. All rights reserved. 

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