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New US home sales plunged in November
New home sales in the US dropped in November as mortgage rates slowly retreated from their highest levels this year. Sales of newly constructed homes dropped 12.2% in November to a seasonally adjusted annual rate of 590,000 from a revised rate of 672,000 in October, according to a joint report from the US Department of Housing and Urban Development and the Census Bureau. Sales were up just 1.4% from a year ago. This was well below analysts’ expectations of an annualized sales pace of 685,000 and the steepest decline since April 2022. Affordability challenges, particularly with high mortgage rates kept buyers on the ... (full story)