The Commerce Department reported today that new home sales jumped an unexpected 3.4% in November versus October.  Experts expected a 1.1% rise  in new home sales.

The median price of a home sold in November rose 3.2% over October and remained 5.8% higher than the year previous.

The Commerce Department also reported that housing inventory has dropped for the fourth consecutive month.

On Wall Street, the home builders continued their rally on the news.