New U.S. home sales rise to 315,000 rate in Nov.

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New U.S. home sales rise to 315,000 rate in Nov. (by Ruth Mantell)

WASHINGTON (MarketWatch) -- Led by growth in the South and Midwest, sales of new single-family U.S. homes rose to a seasonally adjusted annual rate of 315,000 in November, the highest level since April, according to data released Friday by the Commerce Department. Economists surveyed by MarketWatch had expected November's result, and have been cheered by improving trends in recent housing data, though overall levels remain relatively low. Sales in October were upwardly revised to 310,000 from a prior estimate of 307,000. The median sales price fell to $214,100 in November from $222,600 in October. The supply of new homes on the market declined to 6 months from 6.2 months. Sales of new homes are up 9.8% from the prior year.

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