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US new home sales surge 17.5% in November

Sales of new single-family houses in the U.S. jumped 17.5% to a seasonally adjusted annual rate of 733,000 in November from a revised October rate of 624,000, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.

In annual terms, new residential sales figure is 26.6% higher than the 579,000 the agencies reported in November 2016.

The median sales price of new houses sold came in at $318,700, with average sales price at $377,100.

The report estimates 283,000 new houses were available for sale at the end of November on a seasonally adjusted basis, representing a supply of 4.6 months at the current sales rate.