New home sales increased in November over slight upward revisions to the August through October readings. This totals a cumulative 46,000, and brings the latest figure to an annualized pace of 1.047 million units. New home sales have gone above a one million unit pace for four consecutive months. This is after dropping to 979,000 in July. RBS Greenwich Capital economists said that it is seeming more and more that the July print could be the low for the cycle.
"We have been very hesitant to "call" a bottom for home sales, and we would still be pretty cautious, but it does feel more and more as if housing demand is stabilizing," said RBS Greenwich Chief Economist Stephen Stanley.