The Commerce Department reported Wednesday that sales were up slightly in November to a seasonally adjusted annual rate of 490,000. The consensus estimate from a survey of economists expected a rate of around 503,000.
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A rebound in sales of existing home sales is expected in December as the housing market remains supported by a tightening jobs market, which is gradually lifting wages.
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As of the end of November, there were about 232,000 new homes for sale – about a 5.7-month supply at the current sales rate. The percentage is five points lower than the October report.
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Lawrence Yun, the Realtors group’s chief economist, attributed much of last month’s sales decline to new government regulations that he said have delayed closings. Introduced by the Consumer Financial Protection Bureau, the guidelines provide a framework for informing homebuyers about interest rates and fees that may take months for the housing industry to adapt to.
News Corp, owner of The Wall Street Journal, also owns Move Inc., which operates a website and mobile products for the National Association of Realtors. That’s up fractionally compared to the year-ago level of $302,700.
Last week, Commerce said it has been a solid year and Federal Reserve Chairwoman Janet Yellen said, “demographics would point to considerable upside for residential investment”.
Despite last month’s lackluster figure, new home sales are up 14.5 percent over this time a year ago.
New home sales tumbled 28.6 percent in the Northeast, but retained the bulk of October’s 84.2 percent surge.
With the bigger than expected decrease, existing home sales fell to their lowest rate since hitting 4.75 million in April of 2014.
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The median price jumped 6.3% to $305,000.
