New home builds increase 9.3 percent in November

Figures from the U.S. Commerce Department indicate production of new single-family homes and apartments increased 9.3 percent in November, marking the fastest pace of housing starts since October 2008.

David Crowe, National Association of Home Builders chief economist, said the recent gains in builder confidence and new home production provide evidence of a gradual strengthening of the housing market.

"We anticipated continued, slow improvement in housing starts and sales through 2012," Crowe said.

In addition, the Remax Monthly Housing Report for November found home sales grew 8.1 percent from November 2010 figures, making November the fifth consecutive month to show a year-over-year sales increase.  The number of homes for sale has decreased for the 17th straight month as well.

The report also found home prices increased 1.4 percent in November compared with October prices, at $181,322. The average inventory of homes for sale dropped 8.3 percent from October to November, and 23.7 percent from November 2010.

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