WASHINGTON - New home sales increased 5.5% to a seasonally adjusted annual rate of 290,000 in November, the Commerce Department reported Thursday.
Sales in October were revised lower to 275,000 from 283,000 reported last month. September sales were unrevised at 308,000 and sales in August were revised lower to 274,000, a record low.
Economists were expecting 300,000 new home sales in November, according to the median estimate from Thomson Reuters.
November sales increased in the South and West regions, but fell in the Northeast and Midwest.
The median sale price increased 8.0% from October but was still off 2.7% from a year ago.
The inventory of new homes for sale dropped to 197,000 the lowest level since March 1968. The supply of new homes dipped to 8.2 months.
