New Home Sales Fell to Their Lowest Level in 7 Months in November

In another setback for the housing market which has been showing strong signs of stabilizing after a three-year slump, the Commerce Department said on Wednesday sales of single-family homes dropped 11.3 percent in November, the biggest decline since January, to a 355,000 unit annual rate, from a downwardly revised 400,000 units in October.

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