US new home sales up in November

Sales of new homes in the United States increased in November after declining the previous month, according to government statistics released Thursday.

Sales of newly built single-family houses came in at a seasonally adjusted pace of 377,000 last month, 4.4 percent higher than the downwardly revised October rate of 361,000, the Commerce Department said.

The average sales price of new houses was $299,700, while the seasonally adjusted estimate of new houses for sale at the end of last month was 149,000 -- a supply of just under five months at the current sales rate.

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