Economics
U.S. New-Home Sales Jump in November to a Seven-Month High
- Purchases of new single-family homes climbed to 744,000 pace
- Of homes sold, construction on 221,000 had yet to be started
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Sales of new U.S. homes rose in November to a seven-month high, underscoring strong demand for housing against a backdrop of low borrowing costs and desire for more space during the pandemic.
Purchases of new single-family homes increased 12.4% to a 744,000 annualized pace following a downwardly revised 662,000 in October, government data showed Thursday. The median estimate in a Bloomberg survey of economists called for a 770,000 rate.