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New Home Sale Refuse to Back Down From 14-year highs
Wednesday, November 25, 2020
Sales of newly constructed single-family homes slipped
slightly in October; the second month sales have declined. The U.S. Census
Bureau and Department of Housing and Urban Development reported that the month's
sales were at a seasonally adjusted annual rate of 999,000, a decrease of 0.3
percent compared to September's revised sales of 1,002,000. New home sales in
October were 41.5 percent higher than those in October 2019. Both August and September sales numbers were revised
higher in this month's report. September's sales were originally reported at
959,000 and August sales, which had been revised down to 994,000 from a much
higher original rate, were boosted back up to 1,001,000. October's sales were higher than expected. Analysts
polled by Econoday had forecasts over a range of 935,000 to 1,035,000
with a consensus of 975,000. The forecast from Trading Economics was
970,000.
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