Sales of new U.S. single-family homes rose to a seven-month high in December, bu...
WASHINGTON - Sales of new U.S. single-family homes rose to a seven-month high in December, but November’s outsized jump was revised lower, pointing to continued weakness in the housing market.
“GDP growth is currently on course to drop below 2 percent in the first quarter,” said Andrew Hunter, a senior U.S. economist at Capital Economics in London. New home sales are drawn from permits and tend to be volatile on a month-to-month basis. They fell 2.4 percent from a year ago. Single-family home sales rose 1.5 percent in 2018.
In December, new home sales rose in the South, West and Northeast, but tumbled in the Midwest to their lowest level since April 2016. The median new house price fell 7.2 percent to $318,600 in December from a year ago. Despite the anticipated sharp first-quarter slowdown, the economy’s fundamentals remain favorable. In a separate report on Tuesday, the Institute for Supply Management said its non-manufacturing activity index increased 3.0 points to a reading of 59.7 last month.
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