WASHINGTON -- Sales of new U.S. homes rose a higher-than-expected 3.4 percent in November, but they were down 15.3 percent from a year ago, a government report on Wednesday showed.
New single-family home sales rose to an annualized rate of 1.047 million units from an upwardly revised rate of 1.013 million units in October, the Commerce Department said.
Analysts polled by Reuters were expecting November sales to rise to 1.018 million rate from the previously reported rate of 1.004 units in October.
In November, the median sales price of a new home rose 3.2 percent to $251,700 from $243,800 in October.
The supply of homes available for sale at the current sales pace fell in November to 6.3 months' worth from 6.7 months' worth in October. There was a total of 545,000 homes available for sale at the end of November, down slightly from the 553,000 reported in October.
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In the Northeast, new home sales rose 22.5 percent. They were up 22.4 percent in the Midwest, and they gained 19 percent in the West. Sales fell 9.3 percent in the South, the biggest region covered in the report.
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