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Slow and steady improvement for new homes continues, as sales in November came in at an annualized rate of 719,000, which was up 1.3% from a downwardly revised 710,000 in October. This places new home sales up 16.9% over the past year. Sales prices have risen to the point that they are probably starting to crimp sales. The median price of a new home is up 7.2% over the past year to $330,800.
The continued improvement in new homes sales suggests that the economy is not at risk of recession at any