- BOOK REVIEW: 'A Quick Guide to Freemasonry': You've Got Questions, David Harrison Has the Answers
- LUNAR ECLIPSE: 'Blood Moon' Didn't Show Up in Port Lavaca
- Jacobs-Jones becoming MU vice president
- CoreLogic April Edition of MarketPulse Report Examines Single-Family Housing Starts and Fallout from the Expiration of the Mortgage Forgiveness Debt Relief Act
- Mayor Tells Comcast, "Folks Aren't Happy...."
- BOOK REVIEW: 'The Opposite of Loneliness': Marina Keegan's Posthumous Collection of Essays, Stories
- BOOK REVIEW: 'Gone Girl': Nick and Amy Dunne, Folie å Deux in a Mississippi River Town
- Huntington Man Pleads Guilty to Robbing Drug Dealer''s Apartment
- West Virginia American Water Update on Carbon Filter Change-Out and Water Testing
- NEWS ANALYSIS: Tenants Across the Nation Face Major Rental Increases
U.S.: New Home Sales Virtually Unchanged in October
Thursday, November 29, 2012 - 18:41 By David M. Kinchen Huntingtonnews.net Business and Real Estate Writer
“New-home sales have been occurring at a fairly steady pace since this summer, with October sales running about 17 percent ahead of the pace set at the same time last year,” said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “While this is encouraging, housing’s recovery is being significantly constrained by overly tight mortgage lending conditions at this time, and policymaker discussions about changes to the mortgage interest deduction could cast a shadow on future housing demand.”
“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,” added 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.
The inventory of new homes for sale rose marginally to a still-slim 147,000 units in October, a 4.8-month supply at the current sales pace.