New home sales jump 12.4% in November, highest in 7 months

By MARTIN CRUTSINGER
AP Economics Wrkiter

WASHINGTON (AP) — Sales of new single-family homes rose 12.4% in November, the fastest pace in seven months, with low mortgage rates continuing to fuel heightened demand. The November increase pushed the seasonally adjusted annual sales pace to 744,000 last month, the best showing since reaching 796,000 in April. The median sales price of a new home sold in November hit $416,900, 14.1% higher than a year ago. Demand has surged this year as many Americans cooped up by the pandemic seek out larger homes.