New home sales up

Daniel Gutierrez

New home sales up

CREATED Jan. 3, 2013

Americans bought new homes in November, at the fastest pace in more than two and a half years.

Sales of new homes rose 4.4 percent from October. The Census Bureau reports sales of new homes rose to an annual rate of 377,000 in November.

That's the fastest pace since April 2010, when a federal tax credit boosted sales. New home sales have also increased 15.3 percent over the past year.  

Experts say things have improved thanks to a combination of near record low mortgage rates and a lower unemployment rate.