FX.co ★ US new home sales rise more-than-expected in November

US new single-family home sales rose significantly in November, at the second fastest pace over the last 8 years.

Sales increased by 5.2% to an annual rate of 592,000 units. Meanwhile, analysts had expected a 3.9% rise to 585,000 units.

From November 2015, new home sales surged by 16.5%. The median sales price of new houses sold in November 2016 was $305,400 compared with 302,700 in October 2016.

The inventory of new homes on the market came in at 250,000 units, the highest level since September 2009.

New home sales account for about 10% of the US housing market, but the sales are counted right after a contract to purchase a new home being built is signed, so it is a more accurate indicator.