Gold prices edge up as U.S. new home sales disappoint in December
(Kitco News) Gold prices ticked up after the U.S. new home sales missed expectations with a 0.4% decline in December. November numbers were also downwardly revised.
New home sales were at a seasonally adjusted annualized rate of 694,000 homes in December, the U.S. Commerce Department said on Monday. November’s sales were revised down to a rate of 697,000 units.
The market consensus called for sales to advance 1.5% to 730,000 units in December.
On an annual basis, new home sales were up 23% from last year’s estimate of 564,000 units.
Gold prices saw a small move up following the data release with February Comex gold futures last trading at $1,580.70, up 0.56% on the day.
Looking at home prices, the report said that the median sales price for homes sold last month was $331,400 while the average price was $384,500.
The inventory of houses for sale as of the end of December was at 327,000, representing a 5.7-month supply at current sales rate.