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News Summary: US new home sales rise to 377K

(AP) - NEW HOME SALES RISE: Americans bought new homes last month at the fastest pace in more than two and a half years. Sales rose 4.4 percent in November from October to a seasonally adjusted annual rate of 377,000.

STILL TOO LOW: Sales have increased 15.3 percent over the past year, although the improvement comes from depressed levels. Sales remain below the 700,000 that economists consider healthy.

RECOVERY CONTINUES: The increase suggest the housing recovery is sustainable. Stable job gains and record-low mortgage rates have helped drive sales this year.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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