New home sales in the United States dipped to their lowest levels since April 2022 in November, a U.S. Department of Housing and Urban Development and the Census Bureau report revealed Friday.
According to the report, newly constructed home sales fell from a seasonally adjusted annual rate of 672,000 units in October to 590,000 in November, a 12.2% month-over-month decline.
This marks a significant drop from analysts’ expectations of 685,000 units for the month.
Despite November’s dip, new home sales are still far outpacing existing home sales, which are down 20% year-over-year, across the United States.
