According to the Census Bureau of the US Department of Commerce, sales of new homes in the United States in November fell by 11% compared with the revised figure in October-to 841 thousand.
Analysts polled by Reuters had expected a decline of 0.3% compared to the previous month’s initial figure – to 995 thousand.
Last month’s figure was revised downwards to 945 from 999,000.
Compared to November 2019, when the indicator was 696 thousand, sales of new homes in the United States in the reporting month showed an increase of 20.8%.
The volume of new home sales is an important indicator of the state of the real estate market and the economy as a whole. Its increase leads to an increase in spending by new homeowners on furniture and housing services, which, in turn, stimulates demand for goods, services, and labor. More than half of all construction in the United States is accounted for by the housing stock. Thus, the dynamics of residential real estate sales along the chain are transmitted to other sectors of the economy.