financetom
Economy
financetom
/
Economy
/
US new home sales rebound in November after hurricane drag
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US new home sales rebound in November after hurricane drag
Dec 23, 2024 7:56 AM

WASHINGTON (Reuters) - Sales of new U.S. single-family homes rebounded in November after being depressed by hurricanes in the prior month, but rising mortgage rates could hamper sales next year.

New home sales jumped 5.9% to a seasonally adjusted annual rate of 664,000 units last month, the Commerce Department's Census Bureau said on Monday. The sales pace for October was revised higher to a rate of 627,000 units from the previously reported 610,000 units.

Economists polled by Reuters had forecast that new home sales, which account for about 15% of U.S. home sales, would rebound to a rate of 660,000 units. New home sales are counted at the signing of a contract, and can be volatile on a month-to-month basis. They increased 8.7% year on year in November.

The average rate on the popular 30-year fixed-rate mortgage rose to 6.72% last week after falling to 6.60% in the prior week, data from mortgage finance agency Freddie Mac showed.

The Federal Reserve last week cut its benchmark overnight interest rate by 25 basis points to the 4.25%-4.50% range, but projected only two rate reductions in 2025, citing the economy's continued resilience and still-elevated inflation.

In September, the Fed had penciled in four quarter-point rate cuts in 2025. The shallower rate cut path next year in the latest projections also reflected uncertainty over policies from President-elect Donald Trump's incoming administration, including tariffs on imported goods, tax cuts and mass deportations of undocumented immigrants, which economists have warned would be inflationary.

The yield on the U.S. 10-year Treasury note touched a fresh 6-1/2-month high last week. Mortgage rates track the 10-year Treasury note.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Asia Morning Briefing:  BTC, ETH Markets Steady as Traders Await CPI and China-U.S. De-Escalation Signs
Asia Morning Briefing: BTC, ETH Markets Steady as Traders Await CPI and China-U.S. De-Escalation Signs
Oct 22, 2025
Good Morning, Asia. Here's what's making news in the markets:Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas. Crypto ( CRCW ) markets have entered midweek in a holding pattern. Bitcoin is trading around $108,164,...
US Fed floats plan with smaller capital hikes for big banks, Bloomberg News reports
US Fed floats plan with smaller capital hikes for big banks, Bloomberg News reports
Oct 22, 2025
(Reuters) -The Federal Reserve has shown other U.S. regulators the outlines of a revised plan that would dramatically relax a Biden-era bank capital proposal for Wall Street's largest lenders, Bloomberg News reported on Wednesday. Some officials have calculated that the terms of the Fed's plan would lead to an increase of between about 3% and 7% in total capital for...
US Dollar Rises Early Wednesday Ahead of Crude Oil Stocks
US Dollar Rises Early Wednesday Ahead of Crude Oil Stocks
Oct 22, 2025
07:47 AM EDT, 10/22/2025 (MT Newswires) -- The US dollar rose against its major trading partners early Wednesday, except for a decline versus the yen, ahead of a quiet day that includes only weekly petroleum stocks inventory data at 10:30 am ET and an appearance by Federal Reserve Governor Michael Barr at 4:00 pm ET. Barr is not expected to...
Home Sellers Outnumber Buyers by Near-Record Percentage in September, Redfin Says
Home Sellers Outnumber Buyers by Near-Record Percentage in September, Redfin Says
Oct 22, 2025
03:47 PM EDT, 10/22/2025 (MT Newswires) -- US home sellers outnumbered buyers by a near-record percentage in September, while home-buying contract cancellations rose year over year, two reports by Redfin showed Wednesday. There were an estimated 36.7% more home sellers than buyers in September, giving buyers increased negotiating power. In records dating back to 2013, the June of this year...
Copyright 2023-2026 - www.financetom.com All Rights Reserved