New home sales rose in November, defying expectations

New home sales were up in November from the month before, even as prices remained elevated and buyers faced some of the highest mortgage rates of the year. “The combination of high mortgage rates and economic uncertainty is still causing some hesitation among buyers, but an increase in sales is a positive indicator,” said Kelly Mangold, a principal at RCLCO Real Estate Consulting. “November can traditionally be a time of slower sales due to the beginning of the holiday season, so it is promising that this year we are seeing sales activity increase.”

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