Sales of new homes in the United States in November rose to their highest level since July, Commerce Department figures released Friday showed. New single-family houses sold at a seasonally adjusted rate of 592,000, 5.2 percent above October's level, handily surpassing an analyst forecast which predicted a rate of only 573,000 for the month.
Year-on-year, sales were 16.5 percent above the same month in 2015. The Commerce Department data coincided with industry figures released this week which showed sales of existing homes in November hitting their fastest pace since 2007, with 5.61 million condos, co-ops and single-family homes changing hands. According to Friday's report, the median sale price was $305,400. The estimated supply of new houses for sale stood at 250,000 by the end of November.
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