US new-home sales fall in November

U.S. new-home sales fell slightly in November, the latest sign that the housing market is strengthening, the government reported Tuesday. The Commerce Department reported that new-home sales hit an annual rate of 464,000 last month, down only 2.1 percent from October. November and October marked the two strongest months of new-home sales since mid-2008. Current new-home sales exceeded economists' November forecast of 440,000. From a year ago, new-home sales were up 16.6 percent in November. The report suggested the housing market was strengthening, while other recent reports have sent conflicting signals on the housing market. The National Association of Realtors industry group said sales of previously owned homes fell in November to the lowest level in almost a year. Meanwhile, the Commerce Department reported last week that new-home construction rose in November to its highest level in nearly six years.