Australia's new home sales hit 2 and a half year high

Australia's new home sales hit a two-and-a-half-year high in November 2013, figures released on Friday by the Housing Industry Association (HIA) showed. The HIA survey of Australia's largest volume builders showed new home sales grew by 7.5 percent in November. The HIA figures showed the sales of multi-unit dwellings jumped 30.5 percent while detached house sales rose 3.6 percent. More than 7,000 new homes sold during the month, a level not seen since May 2011.HIA chief economist Harley Dale said it was a good sign for residential construction activity in 2014. "The upward momentum evident in new home sales since the closing stages of 2012 continued late last year that is a good sign for residential construction activity in 2014," he noted in the report. He said both new home sales and private sector building approvals increased strongly over the three months to November 2013. "We need to see upward momentum in these leading indicators continue throughout 2014," he said.