New home sales jump 12.4% in November, highest in 7 months

Sales of new single-family homes rose 12.4% in November, the fastest pace in seven months, as the housing industry continued to benefit from low mortgage rates and strong demand

WASHINGTON -- Sales of new single-family homes rose 12.4% in November, the fastest pace in seven months, as the housing industry continued to benefit from low mortgage rates and strong demand.

The November increase pushed the seasonally adjusted annual sales pace to 744.000 last month, the best showing since homes were sold at an annual rate of 796,000 units in April.

The median sales price of a new home sold in November was $416,900, 14.1% higher than a year ago.