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November new home sales fall more than expected, builder stocks drop

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Sales of newly built homes came in far weaker than expected for November, and builder stocks are not taking it well.

New home sales fell a steeper-than-expected 11% month-to-month in November, according to the U.S. Census.

The pullback may be due to prices, which have been rising steadily. The median price of a newly built home rose 2.2% compared with November 2019 to $335,300.

 

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