New Home Sales Miss Forecast, But 2020 Was Still Stellar; Some New Volatility in Rates
New homes sales managed a small increase in December following three months of losses including a substantial downturn in November. The U.S. Census Bureau and the Department of Housing and Urban Development reported that sales of newly built homes were at a seasonally adjusted annual rate of 842,000 units. This is a 1.6 percent increase from the downward revision of the November estimate. The revision downgraded those sales from an annual rate of 841,000, a 11.0 percent decline, to 829,000. The December rate of sales represents 15.2 percent year-over-year growth. Analysts had expected a better recovery from the November loss. Those polled by Econoday had predicted sales would be in the range of 822,000 to 934,000. Their consensus was 871,000 units. On a non-adjusted basis there were 55,000
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