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US new home sales post unexpected decrease in November

by ChemOrbis Editorial Team -
  • 24/12/2014 (13:08)
According to data from the US Commerce Department, new home sales in the US unexpectedly decreased in November. The decrease was attributed to stricter bank lending standards and rising property prices.

US new home sales declined 1.6% to reach a seasonally adjusted annual rate of 438,000 units in November, falling to the lowest level in four months. Economists’ initial estimates called for a pace to 460,000 units in November, according to a survey conducted by Bloomberg.

Meanwhile, the Commerce Department previously announced that US new housing starts decreased 1.6% to a seasonally adjusted annual rate of 1.028 million units in November, posting the first decrease since August while building permits were also down 5.2% to an annual rate of 1.035 million units.
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