US new home sales dive 11% in November

Washington

SALES of new US single-family homes fell more than expected in November, but the housing market remains underpinned by historically low mortgage rates.

New home sales tumbled 11 per cent to a seasonally adjusted annual rate of 841,000 units last month, the Commerce Department said on Wednesday. October's sales pace was revised down to 945,000 units from the previously reported 999,000 units.