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Posts Tagged ‘Chief Economist NAHB’

New Home Sales Edge Up

November 28th, 2011 Comments off

The National Association of Home Builders (NAHB) reports the U.S. Department of Commerce says sales of new, single-family homes increased 1.3 percent in October, marking the best monthly sales pace since May, 2011. “Today’s report is right in line with our forecast for modest and gradual improvement in sales activity through the remainder of the year,” said NAHB Chief Economist David Crowe. “Particularly encouraging is the fact that builders continue to hold down their inventories to match the current sales rate, with the number of new homes for sale now down to a sustainable, 6.3-month supply.” Regionally, new home sales gained 22.2 percent in the Midwest, and 14.9 percent in the West. The Northeast remained unchanged, but sales declined in the South.

(Graphic credit: NAHB)

Home Builders: 30 Points from Condition “Good”

November 17th, 2011 Comments off

The National Association of Home Builders reports builder confidence rose in November three points to 20 on the NAHB/Wells Fargo Housing Market Index (HMI) for newly-built single family homes. Building on a three point increase from October, the HMI is at its highest point in 18 months. NAHB Chief Economist David Crowe said, “This second consecutive gain in the HMI is evidence that well-qualified buyers in select areas are being tempted back into the market by today’s extremely favorable mortgage rates and prices…these (are) pockets of improving conditions that are slowly spreading.” The index measures builders perceptions of current single-family home sales and expectations for the next six months. Any number above 50 indicates conditions are “good” rather than “poor.” Regionally, the Northeast saw a three point gain to 17, the Midwest advanced eight points to 23, and the South rose three points to 21. The West had posted a large October increase, but lost six points this month to 15.

(Graphic credit: NAHB)