New home sales plunged in November, falling 11.3%, a larger drop than economists estimated and the largest monthly decline since January, revealing a disconnect between existing and new home sales, the Commerce Department reported Wednesday.
Buyers purchased new homes at a 355,000 seasonally adjusted annual rate in November following a 400,000 rate in October, revised down from the 430,000 initially reported.
Economists expected 440,000 new home sales in November, according to the median estimate from Thomson Reuters.
