New U.S. home sales fall 11% in November, but remain higher on an annual basis

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Sales of newly built homes occurred at a seasonally-adjusted annual rate of 841,000 in November, the Census Bureau reported Wednesday. That was 11% below the revised pace of 945,000 in October. Analysts polled by MarketWatch had projected new-home sales to occur at a seasonally-adjusted annual rate of 875,000. Compared to last year though, November’s numbers remained elevated, up nearly 21% year-over-year. Inventory rose markedly by month’s end, up some 14%, which is good news for buyers struggling to find an affordable home to purchase.

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