New home sales fell over 11% month-over-month in November, according to the U.S. Census.
What Happened: These figures came in far below expectations, and builder stocks are the ones taking the hit.
Why It's Important: Lennar Corp. LEN, PulteGroup Inc. PHM and Toll Brothers Inc. TOL all lost more than 2% in Wednesday's session.
As the coronavirus pandemic caused many home owners to invest in new real estate this year, sales are still up 21% in 2020.
Housing sales in the U.S. dropped from July’s 979,000 to November's 841,000.
This drop in sales could be attributed to a rise in cost, as the median price of a new home rose 2.2% this year to $335,300.
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