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New home sales rise 4 percent - Live5News.com | Charleston, SC | News, Weather, Sports

New home sales rise 4 percent

(CNN) - New home sales jumped in November to the highest level in more than two years.

The U.S. government is reporting an increase last month rose 4.4-percent compared to October.

It's the strongest pace of new home sales since April of 2010

The increase is due to a combination of near record low mortgage rates, lower unemployment numbers and a drop in foreclosures.

That in turn has lifted home prices.

The housing market is now showing numerous signs of recovery, including better existing home sales and home construction rates.

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