New Homes Sales

Newly built US home sales spiked in November Sales rose 5.2% to a four-month high: Commerce Department

Sales of new homes across the U.S. spiked last month, as buyers rushed to sign contracts amid rising interest rates.

Purchases of newly constructed single-family homes increased 5.2 percent between October and November to a four-month high of a 592,000 annualized pace, U.S. Commerce Department dat新爱上海同城对对碰论坛

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a cited by Bloomberg showed Friday. The increase included the largest gain in the Midwest market since October 2012 and the fastest pace of demand on the West上海同城对对碰交友社区

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Coast in almost nine years, according to the publication.

The median sales price of a new house fell 3.7 percent to $305,400 year-over-year. There were 250,000 new houses on the market at the end of November, the highest number since September 2009.

However, the data on new-home sales can be imprecise, the Wall Street Journal noted. The 5.2 percent sales increase came with a margin of上海贵族宝贝交流区

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error of 14.1 percentage points, the paper 上海同城对对碰交友社区

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reported.

Last week, the Federal Reserve increased its benchmark lending rate for the first time in 2016. It also indicated it will raise short-term interest in 2017. As a result, U.S mortgage rates reached a two-year high Thursday, according to Freddie Mac.

The increase in mortgage rates 爱上海

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could dampen home buying activity in 2018, according to the Journal. [Bloomberg] and [WSJ] Miriam Hall

Tags: home sales, interest rates, Mortgages
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