Sales of new single-family homes jumped 5.7% in November, almost entirely on the strength of a 41.2% surge in sales in the Midwest.The U.S. Commerce Department reported that new-home sales rose to a seasonally adjusted annual rate of 1.07 million units in November from 1.01 million in October. It was the fourth month in a row sales have exceeded a rate of 1.0 million units. Aside from the Midwestern surge, November sales actually declined substantially in the Northeast (26.7%) and modestly in the West (3.9%), while rising 2.4% in the South. The inventory of unsold new homes fell from a 4.0-month supply in October to a 3.8-month supply in November. The Commerce Department can be found online at http://www.doc.gov.
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