US new home sales slightly below forecasts in November

Figures for new home sales in the US came in a tad below forecasts in November.

According to the Department of Commerce, the annualised pace of new home sales grew by 1.3% month-on-month to reach 719,000.

Economists had forecast a dip to a pace of 730,000 from a preliminary reading of 733,000 for October.

Nonetheless, versus a year ago, new home sales were 16.9% higher.

Selling prices also rose, with the average sale price increasing from $377,900 for October to $388,200 in November.

In parallel, the supply of new homes available for sale declined from 5.5 months' worth of sales to 5.4 months.