New homes sales, prices rise in November

New single-family home sales rose in November but to a lower- than- expected rate , a government report showed on Thursday, highlighting the weakness in the housing market even as the broader economic recovery gains momentum.

The Commerce Department said sales increased 5.5 percent to a seasonally adjusted 290,000 unit annual rate after a downwardly revised 275,000 unit pace in October.

Analysts polled by Reuters had forecast new home sales rising to a 300,000 unit pace in November from a previously reported 283,000 unit rate. Compared to November last year, sales were down 21.2 percent.

Housing remains mired in weakness against the backdrop of a 9.8 percent unemployment rate and high foreclosures. Data on Wednesday showed sales of previously owned homes rose last month but remained at depressed levels.

Read Full Article from Reuters

- Posted: 2010-12-23 11:08:08

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