Surge in Midwest Buying Lifted New-Home Sales

(CN) – Strong sales in the Midwest lifted new U.S. home sales in November to the fastest pace in four months.

The Commerce Department said Friday that new-home sales in November rose 5.2 percent to a seasonally adjusted annual rate 592,000. It was the fastest pace since July’s 622,000.

Sales were up 16.5 percent from November 2015.

Regionally, the Midwest was the nation’s hotspot in November, with new-home sales jumping 43.8 percent — the biggest monthly increase the heart of the country has seen since October 2012.

Sales were also up in the West, but only by 7.7 percent.

Sales in the Northeast were flat for the month, and dipped 3.1 percent in the Southeast.

The median price of new home sold in November was $305,400.