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New home sales up 16.5% YOY in November

New single-family home sales in the U.S. were at a seasonally adjusted rate of 592,000 in November, marking a 16.5% increase from the year-ago estimate of 508,000, the U.S. Census Bureau and the Department of Housing and Urban Development reported.

November's rate was up 5.2% from the revised October rate of 563,000.

The median sales price of new houses sold during the month was $305,400, and the average sales price was $359,900. The seasonally adjusted estimate of new houses for sale at the end of the month was 250,000, reflecting a 5.1-month supply at the current sales rate.

The West saw a 7.7% month-over-month increase in new home sales and a 10.8% rise over year-ago levels.

New home sales remained unchanged month over month in the Northeast, and were 22.2% higher than in November 2015.

The Midwest recorded a 43.8% surge from October, while year-over-year new home sales grew 39.4% in November.

In the South, new home sales fell 3.1% month on month in November, but rose 13.4% year over year.