November new home sales fall 2.2% to 909,000 rate
The 2.2% decline in November sales to an annual rate of 909,000 units followed a 1.1% drop the month before. Even so, declining mortgage rates helped push November sales up 1.6% from the pace set a year earlier. And while the November sales pace was the slowest since 860,000 in August, it is up from the 895,000-unit rate in November 1999.
November 2000 sales fell 20% in the Northeast to a 68,000-unit pace, dropped 7.6% in the Midwest to a pace of 133,000, and decreased 3.3% in the West to a 261,000-unit pace. Sales in the South were higher, rising 3.5% to an annual rate of 446,000 houses.