TODAY'S TOP STORY
Associated Press
WASHINGTON — Sales of new homes plunged last month to their lowest
level in more than 12 years, a grim testament to the problems plaguing the housing sector.
The Commerce Department reported Friday that new-home sales tumbled by 9 percent in November from October to a seasonally adjusted annual rate of 647,000. That was the worst showing since April 1995, when the pace of sales was 621,000.
The sales pace for November was much weaker than economists were expecting. They were predicting sales in the weakest sector of the economy to drop by around
1.8 percent, to a pace of 715,000.
The median sales price of a new home dipped to $239,100 in November. That is 0.4 percent lower than a year ago. The median price is where half sell for more and half for less.
Full story
| MORE HEADLINES | | MONDAY Did you spend too much during the holidays? In Monday's business section, Pamela Yip helps you get your finances back in shape. |
Back to newsletter list
