New Home Sales Plunge 9% in November

New home sales plunged 9% to a 12-year low last month, the Commerce Department reported Friday.

The decrease to an annual rate of 647,000 followed a 711,000 rate in October that was lower than initially reported, Commerce said.

The level was below economists’ forecasts of a 717,000 rate, Bloomberg said.

Rising home sales can mean more business for flatbed trucking companies that haul building materials and dry van freight carriers that haul household appliances and furniture.

New home sales account for about 15% of residential real estate sales.