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Midwest buying spree lifted US new home sales in November

WASHINGTON – A buying spree in the Middle of the impetus to new U.S. home sales last month, the fastest pace since July.

The Commerce Department says that the sale of the house in November rose 5.2 percent to a seasonally adjusted annual rate of 592,000. It was the fastest pace since July 622,000. Revenue increased 16.5 percent from November 2015.

Sales in the Midwest shot up 43.8 percent, in the region, the largest monthly increase since October 2012. The turnover grew by 7.7 percent in the West, just in the Northeast, and down 3.1 percent in the South.

The demand for new homes is strong this year, helped by a healthy labour market and low mortgage rates. But cheap loans may disappear. In the long-term mortgage rates have risen since the elections of this week hit the highest level since 2014.

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