US new home sales hit lowest of 10 months in Dec
by ChemOrbis Editorial Team - content@chemorbis.com
According to data released by the US Commerce Department, new U.S. single-family home sales witnessed their biggest fall in December since last February.
New home sales fell 10.4% to an annual pace of 536,000 units and stood high above the economists’ estimates of a drop of 1.0% in a Reuters’ poll.
Analysts remarked that the sharp drop in home sales stemmed from higher mortgage rates, which increased 43 basis points in December to an average 4.20% after a 30-year of stability.
New home sales fell 10.4% to an annual pace of 536,000 units and stood high above the economists’ estimates of a drop of 1.0% in a Reuters’ poll.
Analysts remarked that the sharp drop in home sales stemmed from higher mortgage rates, which increased 43 basis points in December to an average 4.20% after a 30-year of stability.
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