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Growth in New Single-Family Home Sales

October 26th, 2011 Comments off

MHProNews has learned that the U.S. Commerce Department reports newly-built, single-family home sales rose 5.7 percent in September, recording their best growth in five months, to a seasonally-adjusted rate of 313,000 units. “The improved rate of new-home sales in September is on par with NAHB’s forecast for the overall number of sales this year and in keeping with the spotty improvements that our latest builder surveys have highlighted in select markets,” said NAHB Chief Economist David Crowe. “While 313,000 is still an exceptionally low rate of new-home sales by historic standards, it is an encouraging sign of an anticipated broader recovery over the course of next year, and builders have helped the situation by keeping their inventories of homes for sale very lean in areas where there is an oversupply of existing units.” Regionally, the South showed the best new home sales gain at 11.2 percent, and the West had 9.7 percent. Meanwhile, the Midwest declined 12.2 percent, and the Northeast fell 4.2 percent. The 163,000 inventory of new homes for sale in September is a record low, representing a 6.2 month supply at the current pace.

(Graphic credit: NAHB)