Sales of new homes in November were at a seasonally adjusted annual rate of 733,000, the highest pace since July 2007, according to the U.S. Census Bureau.
November’s rate was 17.5 percent higher than October’s rate of 624,000 and 26.6 percent higher than the rate of 579,000 in November 2016.
Sales in the Northeast increased 9.5 percent month-over-month to 46,000. Sales in the Midwest increased 6.9 percent to 77,000. Sales in the South grew 14.9 percent to 416,000, and sales in the West jumped 31.1 percent to 194,000.
"Tax reform legislation should boost economic growth, setting the stage for continued strengthening of the housing market," said National Association of Home Builders Chief Economist Robert Dietz in a statement. "Job market growth, expected wage increases and tight existing home inventory will also help the market move forward next year."
