Posted To: MND NewsWire
November was another one of those months for new home sales when the topline numbers look terrific. And then you take a second look. The U.S. Census Bureau and Department of Housing and Urban Development reported on Thursday that new home sales surged 12.4 percent from October to November. However, the seasonally adjusted annual rate of sales was at the lower end of analysts’ expectations at 744,000 and was 14.0 percent below the November 2020 estimate. The strong monthly gain arises from two straight months of significant downgrades to the prior period’s estimate. September sales were reported at an annual rate of 800,000 only to be revised to 723,000. This month the 745,000 October estimate turned into 662,000 units. Analysts polled by both Econoday and Trading Economics had a consensus forecast…(read more)