New home sales at seven-month high

msnbc.com staff and news service reports
updated 12/23/2011 10:54:10 AM ET

WASHINGTON — New U.S. single-family home sales rose to a seven-month high in November and the months’ supply of houses on the market was the lowest in 5-1/2 years, adding to signs of a budding recovery in the sector.

The Commerce Department said on Friday sales rose 1.6 percent to a seasonally adjusted annual rate of 315,000 units. Octobers’ sales pace was revised up to 310,000 units from the previously reported 307,000 units. [Read More…]