Led by the West, new home sales soared to the highest rate in more than a decade. But the supply of new homes for sales has fallen to the lowest level in 16 months.

Homebuyers purchased 52,000 new homes during November, according to data jointly reported Friday by the Census Bureau and the Department of Housing and Urban Development.

That brought the number of new single-family residential sales that were completed from Jan. 1 to Nov. 30 of this year to 570,000.

Source: Mortgage Daily