- Guyandotte River Readied for Huntington Drinking Water Supply
- Testing Shows Presence of Toxin in Ohio River above Huntington
- McConaughey Tweets "Long Way from 1971..."
- OP-ED: US Attends, then Defies Conference on Nuclear Weapons Effects & Abolition
- MILITARY-INDUSTRIAL COMPLEX: Defense Dept. Contracts for Dec. 19, 2014
- Discover some of West Virginia’s state park lodges in January 2015 with a “WV50” $50 room rate
- School of Medicine recognizes Drs. Joseph B. and Omayma T. Touma for diversity efforts
- FREDDIE MAC: Mortgage Rates Remain Near 2014 Lows
- Generation Huntington Nominees due Friday
- Council Approves KYOVA Grant Application
U.S.: New Home Sales Down 2.4% in July
“We are somewhat surprised by this dip, considering builder confidence and new-home starts are on the rise,” said Kevin Kelly, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Wilmington, Del. “However, builders are increasing their level of inventory in anticipation that sales will gradually improve during the rest of the year.”
“Though new-home sales is a volatile metric that can fluctuate significantly from month to month, the economic fundamentals are in place for an ongoing housing recovery,” said NAHB Chief Economist David Crowe. “Consumer confidence continues to improve, mortgage rates are at yearly lows, and the labor market is healing. These factors should help spur pent-up demand.”
Regionally, new-home sales fell 30.8 percent in the Northeast, 8.8 percent in the Midwest, and 15.2 percent in the West. Sales were up 8.1 percent in the South, the country’s largest region.
The median sales price of new houses sold in July 2014 was $269,800; the average sales price was $339,100.
The inventory of new homes for sale increased to 205,000 units in July. This is a 6.0-month supply at the current sales pace.