New-Home Sales Rise in NovemberJanuary 3rd, 2013 by DWM Magazine
Sales of new single-family homes increased 4.4 percent in November to a seasonally adjusted annual rate of 377,000 units, according to the Department of Housing and Urban Development and the U.S. Census Bureau. It was the highest monthly total since April 2010 when the federal home buyer tax credit expired.
“This increase is consistent with NAHB’s member surveys, which show increasing confidence in the market,” says NAHB chief economist David Crowe. “We’re projecting a total of about 365,000 new-home sales in 2012, an increase of almost 20 percent over the previous year. The year ahead will see a similar gain as more people who have been sitting on the sidelines decide that it is time to purchase a new home.”
Regionally, new-home sales numbers were mixed in November. Rebounding from declines the previous month, both the South and the Northeast showed improvement, with respective increases of 21.1 percent and 12.5 percent. New-home sales in the Midwest dropped by 12.5 percent, and the West posted a decline of 17.8 percent.
The inventory of new homes for sale increased slightly to 149,000 units in November, which is a 4.7-month supply at the current sales pace.