US new home sales re­vive in Novem­ber

Kuwait Times - - BUSINESS -

WASH­ING­TON:

Sales of new homes in the United States in Novem­ber rose to their high­est level since July, Com­merce De­part­ment fig­ures re­leased yesterday showed. New sin­gle-fam­ily houses sold at a sea­son­ally ad­justed rate of 592,000, 5.2 per­cent above Oc­to­ber’s level, hand­ily sur­pass­ing an an­a­lyst fore­cast which pre­dicted a rate of only 573,000 for the month. Year-on-year, sales were 16.5 per­cent above the same month in 2015.

The Com­merce De­part­ment data co­in­cided with in­dus­try fig­ures re­leased this week which showed sales of ex­ist­ing homes in Novem­ber hit­ting their fastest pace since 2007, with 5.61 mil­lion con­dos, co-ops and sin­gle-fam­ily homes chang­ing hands. Ac­cord­ing to yesterday’s re­port, the me­dian sale price was $305,400. The es­ti­mated sup­ply of new houses for sale stood at 250,000 by the end of Novem­ber. —AFP

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