New Home Sales Up 15% over Year Ago

CNNMoney reports the Census Bureau says new home sales hit a seasonally-adjusted annual rate (SAAR) of 377,000 in Nov., an increase over Oct. of 4.4 percent and a rise of 15 percent over Nov. 2011. The highest rate of new home sales since April 2010 when the $8,000 tax credit pumped up sales, other signs indicate a burgeoning return of the housing market: Low interest rates, increased existing home sales, a drop in foreclosures, lower unemployment, and fewer available homes, which has increased home values. The median price of a new home sold in Nov. is up 14.9 percent, to $246,200, over Nov. 2011. As MHProNews noted Dec. 26, 2012, the stock prices of several leading home builders has increased substantially over the last 12 months.

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