Monday, January 03, 2005

National Association of Home Builders reports on November new home sales

The NAHB reports that "New single-family home sales for November came off a record October buying surge, dropping to a seasonally adjusted annual rate of 1.125 million units, the U.S. Commerce Department reported today. Despite a 12.0 percent decline from October’s record sales pace, the November rate was 3.6 percent above the sales pace of November 2003." (note the report was done December 23, 2004)

NAHB Chief Economist David Seiders states "The fundamentals supporting housing demand still are quite solid. Mortgage rates are historically low, job growth is moving ahead and household income is rising. Sales of new single-family homes will hit a record in 2004 despite the surprising decline reported for November."

To read the report online, go here.

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