New homes sales managed a small increase in December
following three months of losses including a substantial downturn in November.
The U.S. Census Bureau and the Department of Housing and Urban Development reported
that sales of newly built homes were at a seasonally adjusted annual rate of
842,000 units. This is a 1.6 percent increase from the downward revision of the
November estimate. The revision downgraded those sales from an annual rate of
841,000, a 11.0 percent decline, to 829,000. The December rate of sales represents
15.2 percent year-over-year growth. Analysts had expected a better recovery from the
November loss. Those polled by Econoday had predicted sales would be in the
range of 822,000 to 934,000. Their consensus was 871,000 units.