After increasing by a modest 0.4 percent in October, new home sales saw a 12.4 percent increase in November to a seasonally adjusted rate of 744,000, the U.S. Census Bureau and Department of Housing and Urban Development announced Thursday. 

The jump in sales is still 14 percent lower than the November 2020 estimate of 865,000 sales.

Meanwhile, the median sales price of new houses sold in November 2021 was $416,900, up from the October median price of $407,000. The average sales price was $481,700, up from the October average of $477,800.

New houses for sale at the end of November were estimated at 402,000, representing a supply of 6.5 months at the current sales rate.

Realtor.com manager of economic research George Ratiu credited the growth to mortgage rates remaining low as the holidays approach, low interest rates, and low inventory on existing homes.

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