(Kitco News) Gold edged up and was trading above $1,800 an ounce as the U.S. new home sales came in below expectations in November with an advance of 12.4%. The prior month’s number was revised down.
New home sales were at a seasonally adjusted annualized rate of 744,000 homes in November, the U.S. Commerce Department said on Thursday. October’s sales were revised down to a rate of 662,000 units.
The market consensus called for sales to advance to 770,000 units in November.
On an annual basis, new home sales were down 14% from last year’s estimate of 865,000 units.
Looking at home prices, the report said that the median sales price for homes sold last month was $416,900, while the average price was $481,700.
As of the end of November, the inventory of houses for sale was at 402,000, representing a 6.5-month supply at the current sales rate.
Gold ticked up following the data release, with February Comex gold futures last trading at $1,805.20, up 0.17% on the day.
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