New Home Sales Hit Yearly Low Despite Falling Mortgage Rates

A significant drop in the South contributes to a 12.2% decline in November, but analysts predict a rebound in December.

New home sales in the US fell by 12.2% in November, reaching their lowest level in a year with a seasonally adjusted annual rate of 590,000 units.
The South experienced a significant drop in sales of more than 20%, while the Northeast and Midwest saw increases.
The median sales price of new homes rose to $434,700, an increase of $20,000, despite the overall decline in sales.
Mortgage rates have recently declined to their lowest level in six months, with the 30-year fixed mortgage rate falling to 6.67%.
Analysts expect a rebound in new home sales in December due to the decline in mortgage rates and a scarce supply of existing homes for sale.