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Sales Of New Homes Rise 6% in US
Source: Agencies |
December 24, 2010, Friday
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MORE people purchased new homes in the United States in November, but not enough to signal better times are ahead for the battered housing industry.
The US Commerce Department yesterday said sales of new homes rose 5.5 percent last month to a seasonally adjusted annual rate of 290,000 units. That gain came after sales had fallen to the second-lowest level in 47 years in October.
Economists believe it could take three years to go back to a more normal rate of 600,000 sales per year given a glut of unsold homes and falling prices.
The US Commerce Department yesterday said sales of new homes rose 5.5 percent last month to a seasonally adjusted annual rate of 290,000 units. That gain came after sales had fallen to the second-lowest level in 47 years in October.
Economists believe it could take three years to go back to a more normal rate of 600,000 sales per year given a glut of unsold homes and falling prices.
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