Rough Finish to a Strong Year for New Home Sales; Downpayment Study; Decent Day For Rates
After three solid months of new home sales, some give-back could only be expected ; exactly what happened in December. The Census Bureau and the Department of Housing and Urban Development report that sales of newly constructed homes fell 9.3 percent in December. The seasonally adjusted annual rate of 625,000 was down 9.3 percent from the November revised estimate. That still left the December sales up a healthy 14.1 percent higher than sales in December 2016. What probably hurt more than the slowing sales in December was the November revision . The original estimate, 733,000, was not only unexpected, but represented what would have been the highest rate of sales since the housing crash. The month's sales are now estimated at 689,000. Analysts had been looking for a rollback but had expected
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