New Home Sales Jump 16.9 Percent in November

Sales of new single family homes surged 16.9 percent in November compared with October, climbing to a seasonally adjusted annual rate of 657,000, according to the U.S. Census Bureau.

Despite the jump, sales remained 7.7 percent below the November 2017 estimated rate of 712,000.

The Census Bureau estimates there were 330,000 new homes for sale at the end of November, representing a 6-month supply at the current sales pace.

The median sales price of new homes sold in November was $302,400, with an average sales price of $362,400.