By Canadian Press

US new home sales jump nearly 17 per cent in November

Jan 31, 2019 | 9:50 AM

WASHINGTON — Sales of new U.S. homes soared in November, defying higher mortgage rates. But they’re still below year-ago levels.

The Commerce Department said Thursday that new home sales jumped 16.9 per cent in November from the previous month to a seasonally adjusted annual rate of 657,000.

The report was delayed by the 35-day government shutdown. Despite the healthy gain, sales remained 7.7 per cent below the pace from a year ago.

The housing market stumbled badly at the end of the year as mortgage rates reached a seven-year high near 5 per cent. Sales of existing homes plunged in December and were 3.1 per cent lower in 2018 than the previous year.

EDUCATION SUCCESS

'Children are our future': St. Mary School shows early success in Sask. specialized classroom pilot

2h ago

Willowview Recovery Centre

Saskatchewan's largest addictions treatment centre is now fully open

2h ago

EMERGENCY CARE

Maidstone emergency centre adds 24/7 virtual physician support

6h ago

Steady price gains, higher borrowing costs, and a limited supply of available houses have discouraged many would-be buyers.

Christopher Rugaber, The Associated Press