New-home sales continued to boom last month, as low mortgage rates and a perceived absence of alternative investments kept money flowing into real estate.
Sales of new, single-family homes surged 5.7% in November to a seasonally adjusted annual rate of 1.07 million units. The reading was above an economists' survey that had forecast a rate of 990,000 units.
November was the third consecutive month in which the annualized rate of new home sales exceeded 1 million.
The Midwest was the strongest region with a rate of 257,000 new homes sold, a 41% increase from the year ago period. The Northeast was weakest, as sales slipped some 26%.
The data did little to help shares of homebuilders, with
trading down 57 cents at $43.21 and
off 42 cents at $61.66.