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.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.