US New-Home Sales Unexpectedly Slump to a One-Year Low
- Contract signings declined 12.2% in November to 590,000 rate
- Purchases in the South, largest US region, decreased 20.9%
Residential homes in Lithonia, Georgia.
Photographer: Elijah Nouvelage/BloombergThis article is for subscribers only.
US new-home sales unexpectedly slumped in November, led by a sharp drop in the South and suggesting a bumpy road to recovery for the housing market.
Purchases of new single-family homes decreased 12.2% to a 590,000 annual pace last month, a one-year low, government figures showed Friday. The median forecast in a Bloomberg survey of economists called for a 690,000 rate.