Largest drop in housing sales in 19 months
New home sales in the US fell by 12.2 percent on a monthly basis in November to 590 thousand, marking the largest decline since April 2022.
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The US Department of Commerce has released new home sales statistics for November. Accordingly, new home sales in the country, seasonally adjusted, fell by 12.2 percent in November compared to the previous month, dropping to 590 thousand. New home sales, which remained below market expectations, were projected to be 658 thousand for this period.
Recording its largest decline since April 2022, new home sales had also decreased by 4 percent in October to 672 thousand. In the country, new home sales increased by 1.4 percent in November compared to the same period last year. The median sales price of new homes on the market in the US last month decreased by approximately 6 percent compared to last year, falling to 434 thousand 700 dollars.