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Sunday, May 19, 2024
HomeNewsEconomyNew Home Sales Fall 7% in December, Far Missing Economists’ Expectations

New Home Sales Fall 7% in December, Far Missing Economists’ Expectations

New home sales fell 7 percent in the month of December, far missing economists’ expectations, according to the U.S. Commerce Department.

The Commerce Department reports sales of new, single-family homes dropped 7 percent in December to an annual rate of 414,000 units, considerably weaker than the 457,000-unit rate economists forecast.

However, U.S. equity markets rose early Monday following the worst week since 2012 after heavy-machinery giant Caterpillar posted strong quarterly results. Caterpillar (CAT) reported a significant better-than-expected quarterly profit result. Shares of the world’s biggest maker of heavy machinery, which is also seen as an economic bellwether, rose 5 percent.

Thus far, it seems that Wall Street is reacting to Caterpillar and ignoring the danger signs in U.S. housing markets.

Results from Apple (AAPL), the world’s No. 1 tech company, are due out after the closing bell.


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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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