New home sales rose in November

WASHINGTON, Dec. 23 (UPI) -- Sales of new single-family homes rose 5.5 percent in November compared with October, the U.S. Commerce Department said Thursday.

Home sales rose from 283,000 on an annual basis in October to 290,000, still shy of September's rate of 308,000, the department said.

November's sales were also 21.25 percent below the 368,000 posted in the same month a year ago.

The Commerce Department said the median sales price for a new home sold in November was $213,000, up from $194,400 a month ago. At the end of November, there were 197,000 homes on the market, an 8.2-month supply at the current rate of sales.