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Sales of newly built homes surged much higher than expected in November.
New-home sales jumped 16.9% from a month earlier to a seasonally adjusted annual rate of 657,000, the Commerce Department said Thursday.
Economists - Econoday - Sales
Economists surveyed by Econoday had expected sales to come in at 560,000.
The previous three months were revised up as well, indicating that home sales were on a stronger footing in final months of 2018 than previously thought.
Thursday - Report - December - Government - Shutdown
Thursday’s report was due out in late December but was delayed because of the partial government shutdown. December home sales figures are expected soon but the Commerce Department has not yet fixed a date.
New home sales are a small slice of the housing market but they punch above their weight class when it comes to economic activity. Home construction employs a lot of workers of various skills and new homes get...
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