New home sales rose in November for the third consecutive month to the highest level since April, the Census Bureau reported Friday.
The government said sales of newly built homes rose 1.6% in November to a seasonally adjusted annual rate of 315,000 units. The rate in October was 310,000, revised upward by 3,000 units.
Overall, new home sales are up 12% from year ago.
“The market for single-family homes is in better shape today than it was earlier this year…but is still in bad shape,” said IHS Global Insight economist Patrick Newport.
The economist noted that sales are being held back by weak job growth, falling prices, and tight credit standards on mortgages.
“Jobs growth up to now has not done the trick — although job growth is essential going forward,” Newport said.
Daily Briefing | Friday, December 23, 2011
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