- Belle, Beast and Chorus Visit Marquee Pullman IMAGES
- Elsa from Frozen Made a Cameo Appearance Leading Huntington Parade, Visits Eastgate Mall Saturday in Cincy IMAGES
- Marshall alum wins prestigious NASA award, credits university’s digital forensics program for his success
- Batman and Batgirl Visit Marquee Pullman with friends for "Lego Batman" debut
- Medical resident to receive national research award for pediatrics work
- "Suspicious" Horse near Downtown Huntington Reunited with Owner
- Walk with the Mayor Begins, Highlawn Next
- Downtown Huntington Sheetz Prepares to Open
- Marshall Day at the Capitol to take place next Thursday
- "Beauty" Had Lots of Guests at Screenings Worldwide, including a Preview of a Summer Outdoor Theatrical IMAGES
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.