(AP) – Sales of new U.S. homes soared in November, defying higher mortgage rates. But they’re still below year-ago levels.
The Commerce Department said Thursday that new home sales jumped 16.9 percent in November from the previous month to a seasonally adjusted annual rate of 657,000.
The report was delayed by the 35-day government shutdown. Despite the healthy gain, sales remained 7.7 percent below the pace from a year ago.
The housing market stumbled badly at the end of the year as mortgage rates reached a seven-year high near 5 percent. Sales of existing homes plunged in December and were 3.1 percent lower in 2018 than the previous year.
Steady price gains, higher borrowing costs, and a limited supply of available houses have discouraged many would-be buyers.
Related Posts
-
New details emerge on BioLab fire that forced thousands to shelter outside Atlanta Posted: November 25, 2024 at 2:15 pmFederal authorities have released an update on the investigation into
Read more » -
Formula 1 expands grid to add General Motors’ Cadillac brand and new American team for 2026 season Posted: at 2:15 pm
Formula 1 on Monday at last said it will expand
Read more » -
Warren Buffett gives away another $1.1B and plans for distributing his $147B fortune after his death Posted: at 2:14 pm
Investor Warren Buffett renewed his Thanksgiving tradition of giving by
Read more » -
Stock market today: Wall Street gains ground as it notches a winning week and another Dow record Posted: November 22, 2024 at 2:30 pm
Stocks closed higher on Wall Street as the market posted
Read more »
Central Valley Biz Blogs
-
BLOG: ‘The People’s Voice 2024:’ Jobs, housing, safety are top priorities
Posted: November 25, 2024 at 9:55 am
The California Chamber of Commerce (CalChamber) annual poll, “The People’s
Read more » -
BLOG – Holiday gift guide: Financial presents with a lasting impact
Posted: November 12, 2024 at 3:03 pm
The holiday season is quickly approaching and for many that
Read more »
