US: Sales of new single-family houses in November 2017 surged 17.5%

"Sales of new single-family houses in November 2017 were at a seasonally adjusted annual rate of 733,000," the U.S. Census Bureau and the Department of Housing and Urban Development jointly reported on Friday.

Key highlights

This is 17.5 percent (±10.4 percent) above the revised October rate of 624,000 and is 26.6 percent (±16.6 percent) above the November 2016 estimate of 579,000. 

The median sales price of new houses sold in November 2017 was $318,700.

The average sales price was $377,100.

The seasonally-adjusted estimate of new houses for sale at the end of November was 283,000.

This represents a supply of 4.6 months at the current sales rate.