Sales of new homes rose in November

WASHINGTON, Dec. 23 (UPI) -- Sales of new single-family homes rose 1.6 percent from October to November, the U.S. Commerce Department said Friday.

Home sales in November came in at a seasonally adjusted annual rate of 315,000. In October, 310,000 new homes were sold, the department said, releasing a revised figure.

The rate of home sales in November came in 9.8 percent above the 287,000 new single-family homes sold in the same month of 2010.

The Commerce Department said the average sale price for a new home sold in October was $242,900.

Going into December, there were 158,000 new homes on the market, a six-month supply at the current rate of sales, the Commerce Department said.