New home sales in the US recorded the biggest decline in 19 months

The U.S. Department of Commerce has released the new home sales statistics for November.

According to the data, seasonally adjusted new home sales in the country decreased by 12.2% in November compared to the previous month, reaching 590,000.

New home sales had experienced a 4% decline in October, with a total of 672,000 units sold.

Compared to the same period last year, new home sales in the country increased by 1.4% in November.

The median sales price of newly sold homes in the U.S. last month increased by 4.8% compared to the previous month, reaching $434,700.

Earlier this month, existing home sales in the U.S. unexpectedly rebounded in November, rising by 0.8% on a monthly basis to 3.82 million units after five consecutive months of decline.

The University of Michigan Consumer Confidence Index was upwardly revised to 69.7 in December, measuring Americans' assessments of current financial conditions. The index for current economic conditions increased by 5 points to 73.3 in December on a monthly basis.

The Consumer Expectations Index, reflecting consumers' long-term outlook, also increased by 10.6 points during the same period, reaching 67.4.

Joanne Hsu, the Director of Consumer Surveys, mentioned in the statement that the upward trend is attributed to significant improvements in consumers' views on the trajectory of inflation.