By Joshua Kirby

Sales of new single-family homes in the U.S. fell considerably in November, against expectations, according to Commerce Department figures published Friday. Here are the main takeaways:

--New home sales fell by 12.2% from a month earlier, reaching a seasonally adjusted rate of 590,000. The level for October was revised downward a little to 672,000.

--Sales had been expected to rise a little to 688,000, according to economists polled by The Wall Street Journal.

--Sales were 1.4% higher than the same month a year ago, adjusted for seasonal shifts.

--The estimate of new houses for sale at the end of November was 451,000, representing a supply of 9.2 months at the current sales rate.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

December 22, 2023 10:22 ET (15:22 GMT)