New home sales fall 1.6 percent in November

PRESS RELEASE: [Washington, D.C.] Sales of newly built, single-family homes dropped 1.6 percent in November to a seasonally adjusted annual rate of 438,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

“Though home sales have edged slightly lower, builders are reporting confidence in the market and are increasing their inventory in anticipation of future business,” said Kevin Kelly, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Wilmington, Del.

“Sales have held in a relatively stable range during the past four months,” said NAHB Chief Economist David Crowe. “As the labor market and broader economy continue to strengthen, we can expect the housing sector to gain momentum heading into next year.”

The inventory of new homes for sale rose to 213,000 in November, which is a 5.8-month supply at the current sales pace.

Regionally, new home sales rose 14.8 percent in the West. Sales dropped 12 percent in the Northeast, 6.3 percent in the Midwest and 6.4 percent in the South.

http://www.fcw1.com/Main/DailyUpdate/New_home_sales_fall_16_percent_in_November__7492.aspx

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s