New home sales jumped 26.6 percent compared to November of last year. The Census Bureau reported that new home sales for November posted at a seasonally adjusted annual rate of 733,000. This was well above expectations, and a 17.5 percent increase from the revised October numbers. Before you get too excited however, it’s important to realize that the Census numbers are highly volatile and subject to significant revisions. The previous three months of new home sales were all revised lower, so expect some revisions to this November spike as well.

The median price of a new home sold in November came in at $318, 700. The average price of a new home contracted in November was $377,100. While not at this year’s peak, higher prices for new homes apparently weren’t enough to scare off potential buyers. This squares from the news earlier this week that existing home sales for November were also solidly higher.

Sales of new homes have been fairly solid for most of 2017. The numbers for November almost look too good to be true. We won’t know for sure until we get the final revisions for November and December Census numbers. If nothing else the spike in the November numbers will help to close the distressing gap between new and existing sales. With virtually every stimulus under the sun directed at reflating asset prices, the Fed still hasn’t found a way to improve their credibility.

Numbers for Denton County show that new home sales were up 39 percent compared to the same month a year ago. Within the city of Denton new home sales were 18 percent higher year-over-year in November. The broader DFW real estate market experienced a 21 percent increase in new homes that were closed during the month of November.

The average price of a new home closed in Denton County during the month of November stood at $425,797. That was an increase of 7.8 percent compared to last year.