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BUSINESS Saturday 23 december 2017
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US new home sales skyrocket 17.5 percent in November

By MATT OTT, Associated Commerce Department outstripped the increase in enough homes being listed The median sales price of
Press said Friday. That’s the big- construction of single-fami- for sale. homes sold in November
WASHINGTON (AP) — gest monthly gain since ly houses. The big November in- was $318,700, a 1.2 percent
Americans stepped up their January 1992 and the most The inventory of existing crease in new homes sales increase from a year ago.
purchases of new homes homes sold in a month homes on the market has was somewhat tempered A survey earlier this week
at the fastest pace in more since July 2007, just months steadily fallen on an annual with revisions for previous showed that U.S. home-
than 25 years in Novem- before the economic basis, while new construc- months, particularly Oc- builders are feeling more
ber, with sales skyrocketing downturn. tion has been unable to tober, which was revised optimistic than they have
17.5 percent amid robust The sharp upswing is a keep up with sales that are down from 685,000 homes in nearly two decades.
demand and a continued sign of the strong demand on their best annual pace sold to 624,000. The growth The National Association
shortage of existing homes from would-be homebuy- since 2007. was led by sales in the of Home Builders/Wells
on the market. ers amid the strengthen- The demand propelled West, which increased 31.1 Fargo builder sentiment in-
New home sales last month ing economy. Sales of new in part by unemployment percent. Sales in the South dex released Monday rose
jumped to a seasonally homes can be volatile on at a 17 year-low has also were up 14.9 percent, fol- five points to 74 this month.
adjusted annual rate of a monthly basis, but pur- exposed an underlying lowed by the Northeast That’s the highest reading
733,000 units compared chases have climbed 9.1 problem with the housing at 9.5 percent and the since July of 1999, more
to 624,000 in October, the percent year-to-date and market: there simply aren’t Midwest at 6.9 percent. than 18 years ago.q
Health care and bank stocks pull US indexes slightly lower

recent highs. The price of smaller-company stocks
bitcoin fell as much as 30 dipped 4.18 points, or 0.3
percent after making gi- percent, to 1,542.93. Those
gantic gains throughout companies, which stand
the year. to benefit more than oth-
The price of bitcoin was ers from lower tax rates,
down about 8 percent in outpaced the market this
the late afternoon after week.
trading in a gigantic range Stocks are below the re-
between $10,834 and cord highs they reached
$15,830 during the day, ac- Monday but still finished
cording to the tracking site higher for the fifth week in
CoinDesk. a row.
“The bubble is really in the Markets will be closed
conversation about bitcoin Monday in observance of
at this point,” said Brett Ew- Christmas, and with just four
ing, chief market strategist days of trading left in 2017,
of First Franklin. “If you were stocks are on pace to fin-
to go out and talk to 100 ish every month of the year
people you know, all of with gains, when dividends
them know about bitcoin ... are included.
but how many of them ac- Nike slumped $1.48, or 2.3
Trader Gregory Rowe works at the New York Stock Exchange. Stocks finished slightly lower Friday tually own it?” percent, to $63.29. The
in subdued trading ahead of a three-day holiday weekend. Health care companies and banks The Standard & Poor’s 500 company had a strong
slipped. index fell 1.23 points, or quarter overall, as its profit
(AP Photo/Mark Lennihan) less than 0.1 percent, to and sales both beat Wall
By MARLEY JAY nies and banks slipped. gains in recent weeks as in- 2,683.34. The Dow Jones in- Street projections. But
AP Markets Writer President Donald Trump vestors became more sure dustrial average lost 28.23 Nike’s North American busi-
NEW YORK (AP) — Stocks fin- signed the Republican- the $1.5 trillion package points, or 0.1 percent, to ness continued to struggle.
ished slightly lower Friday in backed tax bill into law, but would pass. 24,754.06. The Nasdaq Bond prices were little
subdued trading ahead of for the fourth day in a row, High-dividend stocks made composite fell 5.40 points, changed. The yield on the
a three-day holiday week- stocks didn’t move much. small gains even as bond or 0.1 percent, to 6,959.96. 10-year Treasury note re-
end. Health care compa- They had made strong yields remained near their The Russell 2000 index of mained at 2.48 percent.q

UnitedHealth plans $2.8B bid to grow South America business

By The Associated Press first quarter. coverage and is a big this month that it would proving patient care, and
The largest U.S. health insur- Minnetonka, Minnesota- provider of Medicare Ad- spend almost $5 billion to the company would look
er is expanding deeper into based UnitedHealth covers vantage plans, which are buy nearly 300 primary and to enter new markets.q
South America by spend- nearly 45 million people in privately run versions of the specialty care clinics and
ing about $2.8 billion to the U.S. and another 4 mil- government’s Medicare some urgent care and sur-
buy a health care provider lion people internationally. program. But the insurer gery centers from DaVita
and insurer that operates in That includes business in also has expanded well be- Inc. That deal will extend
Chile, Columbia and Peru. Brazil, where the insurer of- yond that focus. Its Optum UnitedHealth’s health care
UnitedHealth Group Inc. fers health and dental ben- segment operates one of services business into sev-
said Friday that it will start efits and hospital and clini- the nation’s largest phar- eral more states.
an offer next week to buy cal services. macy benefit manage- UnitedHealth leaders said
all outstanding shares of U.S. health insurance is still ment businesses and also last month that health sys-
Empresas Banmédica. The the main business for Unit- runs clinics and urgent care tems around the world face
insurer expects to com- edHealth. It offers employ- and surgery centers. the same challenges of ac-
plete the deal in next year’s er-sponsored commercial UnitedHealth said earlier cess, affordability and im-