How New Home Sales (Almost) Got Their Groove Back; Prices Should Continue
Analysts were not expecting new home sales in December to outpace the strong and surprising gains they made in November, when they jumped 16.9 percent. They managed to be both right and wrong. Sales were up from November by 3.7 percent, to a seasonally adjusted annual rate of 621,000 units, however they surpassed November only because of a dramatic revision of the November estimate from 657,000 units to 599,000. Year-over-year sales are now 2.4 percent lower than in December 2017. The estimate for that month was 613,000 units. Analysts polled by Econoday had forecast that sales would be in the range of 550,000 to 649,000. The consensus was 590,000. On a non-adjusted basis there were 44,000 newly constructed homes sold in December compared to 43,000 in November. For the entire year the Census
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