novedad
novelty
novel
new
+
-dad
noun suffix (equivalent to -ty)
Novedad means novelty and can be thought of as novel0 (new0) + -dad1 (noun suffix1), similar to the English word 'novelty'.
noun
- noveltySomething new, recent, or unusual¿Hay alguna novedad en el proyecto? // Is there any news about the project?