Sales of newly constructed homes rose 4.4% in November from the month before, providing fresh evidence that the country's housing sector is in recovery.
Newly built single-family homes sold at a seasonally adjusted annual rate of 377,000 units in November, the Commerce Department reported Thursday. That was a 15.3% rise over November 2011.
The increase indicates a continuation of the housing recovery that began earlier this year. Housing has become a leading source of strength for the long-sluggish American economic recovery as more people compete to buy fewer homes – pushing up prices.
Earlier this week the Standard & Poor's/Case-Shiller index of 20 large cities showed prices were down 0.1% in October from September as the traditionally slow buying season kicks in. But the index indicates that prices were up 4.3% compared with October 2011.