The Commerce Department said on Tuesday new home sales increased 3.7 percent to a seasonally adjusted annual rate of 621,000 units, the highest level since May 2018. December's sales pace was revised down to 599,000 units from the previously reported 657,000 units.
New home sales are drawn from permits and tend to be volatile on a month-to-month basis. They fell 2.4 percent from a year ago. Single-family home sales rose 1.5 percent in 2018. The housing market hit a soft patch last year amid higher mortgage rates, expensive lumber as well as land and labor shortages, which led to tight inventories and less affordable homes. Reports last month showed homebuilding dropping to more than a two-year trough in December and home resales in January hitting their lowest level since November 2015.
New home sales in the South, which accounts for the bulk of transactions, increased 5.0 percent to a seven-month high in December. Sales rose 1.4 percent in the West and jumped 44.8 percent in the Northeast. But they fell 15.3 percent in the Midwest to their lowest level since April 2016.
Thanks President Trump
What a minute - November 2018 was revised and December 2018 is actually -2.4% year-over-year (Dec 2017)
can someone explain to me why american construction workers are using plain fucking clothes to work when on a site?
MAGA 2020
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Source: WSJ - 🏆 98. / 63 Read more »