Economics
U.S. New-Home Sales Unexpectedly Tumble to Lowest Since June
- Midwest purchases at lowest since 2016; overall supply higher
- Index of U.S. homebuilder shares drops following report
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New-home sales in the U.S. tumbled to a five-month low, suggesting red-hot demand is cooling amid resurgent Covid-19 cases and other signs of a slowing economy.
Purchases of new single-family houses decreased 11% to a 841,000 annualized pace in November from a downwardly revised 945,000 rate in the prior month, government data showed Wednesday. The median projection in a Bloomberg survey of economists called for 995,000. The median selling price rose 2.2% from a year earlier to $335,300.