Gold price holds gains as U.S. new home sales disappoint
(Kitco News) Gold was trying to hold on to its gains after the U.S. new home sales missed expectations in December, rising 1.6% versus the expected advance of 1.9%. November numbers were also downwardly revised to a drop of 12.6%.
New home sales were at a seasonally adjusted annualized rate of 842,000 homes in December, the U.S. Commerce Department said on Thursday. November’s sales were revised down to a rate of 829,000 units.
The market consensus called for sales to advance to 865,000 units in December.
On an annual basis, new home sales were up 15.2% from last year’s estimate of 731,000 units.
Gold tried to keep its morning gains as the data came out. April Comex gold futures were last trading at $1,858.80 an ounce, up 0.54% on the day after reaching a daily high of $1,866.30.
Overall, 811,000 new homes were sold in 2020, which is 18.8% more than in 2019, according to the report.
Looking at home prices, the report said that the median sales price for homes sold last month was $355,900 while the average price was $394,900.
The inventory of houses for sale as of the end of December was at 302,000, representing a 4.3-month supply at current sales rate.