NEW HOME SALES ROSE 1.6% TO 315,000 UNITS IN NOVEMBER

November new home sales rose 1.6% to an annualized 315,000 units, which was a bit stronger than the 312,000 expected by consensus, and comes after October sales were upwardly revised to a 310,000 unit reading (was 307,000). New home sales are up 9.8% over last November. By region, the Northeast and the West sale sharp declines over October, down 26.3% and 16.9%, respectively. In contrast, the Midwest and South were up 7.5% and 12.9%, respectively. The months’ supply of homes fell to 6.0 months from 6.2 months in October, and the median sales prices fell to $214,100 from 22,600 in October, and is down 2.5% over last year. The better than expected report supports other news that support a recovering housing sector, to likely give stock prices and Treasury yields a boost today. 

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