Sales of new U.S. single-family homes rose to a seven-month high in December, bu...
WASHINGTON - Sales of new U.S. single-family homes rose to a seven-month high in December, but November’s outsized jump was revised lower, pointing to continued weakness in the housing market.
The moderation in the pace of hiring fits in with expectations of slower economic growth as the stimulus from a $1.5 trillion tax cut and increased government spending ebbs. The economy’s outlook is also being clouded by slowing growth in China and Europe. New home sales are drawn from permits and tend to be volatile on a month-to-month basis. They fell 2.4 percent from a year ago. Single-family home sales rose 1.5 percent in 2018.
Though house price inflation has slowed and mortgage rates are hovering at 12-month lows, economists expect the housing market to remain weak for a while because of persistent land and labor shortages. Investment in homebuilding contracted 0.2 percent in 2018, the weakest performance since 2010. The ISM’s new orders sub-index for the services sector surged 7.5 points to a reading of 65.2 last month, the highest level since August 2005. But the survey’s services industry employment measure fell 2.6 points to 55.2 in February, the weakest reading since June 2018.
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