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U.S. new home sales rise 5.5 percent in November
Date: 2010/12/29 Click: 1725
Sales of new single-family houses in the United States increased 5.5 percent in November, fresh evidence of the recovery of the U.S. housing market and economic outlook, reported the Commerce Department on Thursday.

Sales of new single-family houses last month were at a seasonally adjusted annual rate of 290,000 units, 5.5 percent above the revised 275,000 units in October, and 21.2 percent below the November 2009 estimate of 368,000 units, said the department.

The median sales price of new houses sold in November was 213, 000 U.S. dollars, down 2.7 percent on a yearly base, according to the report.

Single-family housing starts accounted for more than 70 percent of the total new home construction including houses and apartment buildings in the United States.

The U.S. housing industry is suffering its worst slump in decades. The severe housing downturn and a persisting credit crunch have been a major drag on the overall economy, which has been in recession since December 2007.

High unemployment rate, currently at 9.8 percent, and increasing foreclosure are two major factors that depress the U.S. housing market.
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