New home sales plunge in November

New home sales unexpectedly plunged in November, according to a dismal government report.

The seasonally adjusted annual rate of new home sales plummeted 11.3% to 355,000 in November compared to the prior month, a Census Bureau report said Wednesday.

The November rate was the lowest since April, when new homes sold at an annualized rate of 345,000.

Sales of new construction were expected to edge up to an annualized rate of 438,000 for the month of November, according to a consensus of economists surveyed by Briefing.com. But that estimate was based on the initial report for October, which showed an annual sales rate of 430,000. On Wednesday, the Census Bureau revised the October rate down to 400,000.

Read Full Article from CNNMoney.com

- Posted: 2009-12-23 10:54:31

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