It means "new." It's referenced here to explain the origins of a few Czech surnames (Novak, etc):
http://surnames.behindthename.com/php/search.php?terms=Czech+Slovak&title=Czech+and+Slovak+Names&usage=yes&operator=orm
And also here:
http://members.tripod.com/~zlimpkk/Genealogy/czechsurnames.html
You can also just do a search for the word 'novy' here, to get a broad idea of its usage (I assume it's accurate as I don't know Czech):
http://www.slovnik.cz/
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