New home sales rise in December after sharp November drop
By MATT OTT AP Business Reporter
SILVER SPRING, Md. (AP) — Sales of new homes rose 1.6% in December after November’s big decline, which was even worse than previously thought. The Commerce Department reported Thursday that the increase pushed sales of new homes to a seasonally adjusted annual rate of 842,000, which was fewer than analysts had projected. That follows November’s decline, which was revised downward from 841,000 to 829,000 homes sold, a decline of 12.6% from October. After a spring slump due to the coronavirus outbreak, housing came back strong in the summer and fall until last month’s significant drop. .