Pace of New-Home Sales Virtually Unchanged in OctoberNovember 29th, 2012 by DWM Magazine
Sales of newly built, single-family homes in October held virtually unchanged from a downwardly revised pace in the previous month, at a seasonally adjusted, annual rate of 368,000 units, according to figures released by HUD and the U.S. Census Bureau.
“After steady improvement in home sales through most of this year, the pace of that activity effectively leveled off over the four months from July to October,” says National Association of Homebuilders (NAHB) chief economist David Crowe. “The latest numbers are right in line with our forecast, which projects that sales will resume a slow, upward trajectory going forward and will end 2012 about 20 percent ahead of 2011.”
Regionally, new-home sales numbers were mixed in October. The Midwest posted a 62.2-percent gain following a big dip in the previous month, and the West posted a solid 8.8-percent increase. Meanwhile, the South and Northeast posted declines of 11.6 percent and 32.3 percent, respectively – the latter of which was likely impacted by storm preparations at the end of the month.