Sales of new U.S. single-family homes rose to a seven-month high in December, but November's outsized jump was revised lower, pointing to ...
WASHINGTON, March 5 - Sales of new U.S. single-family homes rose to a seven-month high in December, but November's outsized jump was revised lower, pointing to continued weakness in the housing market.
New home sales are drawn from permits and tend to be volatile on a month-to-month basis. They fell 2.4 percent from a year ago. Single-family home sales rose 1.5 percent in 2018. The housing market hit a soft patch last year amid higher mortgage rates, expensive lumber as well as land and labor shortages, which led to tight inventories and less affordable homes. Reports last month showed homebuilding dropping to more than a two-year trough in December and home resales in January hitting their lowest level since November 2015.
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