US: New Home Sales surge by 12.4% in November after October's sharp 8.4% decline

Following hefty 8.4% decline (which was downwardly revised from a 0.4% gain) in sales in October, New Home Sales in the US surged by 12.4% in November, data published by the US Commerce Department showed on Wednesday. 

Given the hefty downwards revision to the October figure and despite the solid 12.4% surge in sales in November, instead of rising to 770K, the number of New Home Sales over the past 12 months rose to just 744K in November. The number of New Home Sales over the past 12 months in October was revised lower to 662K from 745K.