The U.S. Commerce Department announced on Monday that the sales of new single-family homes rose 1.3 percent m-o-m to a seasonally adjusted annual rate of 719, 000 units in November.

Economists had forecast the sales pace of 735,000 last month.

October's sales pace was revised down to 710,000 units from the originally reported 733,000 units.

According to the report, the November advance in new home sales was led by a 52.4 percent m-o-m surge in the Northeast and a 7.5 percent m-o-m gain in the West, which recorded its highest sales level in two years.

In y-o-y terms, new home sales recorded a 16.9 percent surge in November.