New home sales were up in November from the month before, even as prices remained elevated and buyers faced some of the highest mortgage rates of the year.
Sales of newly constructed homes rose 5.8% in November from October, but were down 15.3% from a year ago, according to a joint report from the US Department of Housing and Urban Development and the US Census Bureau. This is the second consecutive month of sales increases. Sales of new single‐family houses were at a seasonally adjusted annual rate of 640,000 last month, up from a revised 605,000 in October. Sales were down from last year’s rate of 756,000.
08% for a 30-year fixed-rate loan – and have been falling since. Some buyers have taken advantage of the lower rates. “The combination of high mortgage rates and economic uncertainty is still causing some hesitation among buyers, but an increase in sales is a positive indicator,” said Kelly Mangold, a principal at RCLCO Real Estate Consulting.
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