New single-family home sales increased by a surprising amount in November 2017, which along with a surge in starts last month may indicate the industry is gaining momentum.
The latest data from the Department of Commerce said new home sales jumped 17.5 percent to a seasonally adjusted annual rate of 733,000 units last month, the highest level since July 2007. CNBC concluded the data suggests the housing market is regaining momentum after stalling this year.
New home sales rose in all four regions. In November, the inventory of new homes on the market was unchanged at 283,000 units. At November's sales pace it would take 4.6 months to clear the supply of houses on the market, the fewest since July 2016 and down from 5.4 months in October.
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