Sales of new single family homes fell 11.3%

Sales of new single family homes fell 11.3% to an annual pace of 355,000 units. This was much lower than consensus estimates of 440,000 annual sales and 45,000 less than the October print of 400,000, which was REVISED FOR THE WORSE from 430,000. Another headline…this is the slowest pace of new home sales in 7 months and the worst month over month decline since January.