Sales of new U.S. single-family homes fell unexpectedly in December, likely held...
WASHINGTON - Sales of new U.S. single-family homes fell unexpectedly in December, likely held down by a shortage of more affordable homes, but lower mortgage rates supported the overall housing market.
New home sales slipped 0.4% last month to a seasonally adjusted annual rate of 694,000 units, with sales in the South dropping to the lowest in more than a year. It was the third straight monthly decline in sales. November’s sales pace was revised down to 697,000 units from the previously reported 719,000. September and October sales were also marked down.
Economists polled by Reuters had forecast new home sales, which account for about 11.1 % of housing market sales, would increase 1.5% to a pace of 730,000 units in December. Officials from the U.S. central bank are scheduled to meet on Tuesday and Wednesday. They are expected to reiterate the Fed’s desire to keep rates unchanged at least through this year, which could limit further declines in mortgage rates. Still, economists are optimistic the housing market will remain solid.
Housing is expected to have contributed to GDP growth again in the fourth quarter. Residential investment rebounded in the third quarter after contracting for six straight quarters, the longest such stretch since the 2007-2009 recession.
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