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New
Home Sales Keeping
up the Pace
Article
Date - June.08.2005
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New-home
sales kept up
the momentum
in May, rising
just over 2%
to hit a seasonally
adjusted annual
rate of 1.3
million units
— a near-record
pace, according
to the U.S.
Commerce Department,
which released
the data on
June 24. The
gain was due
mostly to strong
sales in the
Midwest, where
a 23% gain was
registered,
and in the West,
where sales
rose 1.7%. The
South, which
is the nation's
largest housing
market, also
turned in a
solid number
that was less
than 1% down
from the previous
month. The Northeast,
which posted
a major 27%
gain in April,
fell back 24.5%
this time around.
Meanwhile, the
inventory of
new homes for
sale remained
unchanged at
a 4.2-month
supply. Moreover,
only 22% of
the homes in
that inventory
are completed
units, while
57% are still
under construction
and 20% are
units that have
been permitted
but not yet
started. This
state of affairs,
said NAHB Chief
Economist David
Seiders, indicates
that builders
are working
hard to keep
up with very
strong buyer
demand this
summer. And
with long-term
mortgage rates
down yet again
this past week,
there's still
good reason
for optimism
in the market.
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