New Home Sales Rose 6.6 Percent

by bkrigbaum@solagroup.com








The U.S. Commerce Department
released new numbers this week regarding the sales of new homes.
According to the department, new home sales rose 6.6 percent in
September.

The National Association of Home Builders
released a statement in response to the positive news:

“Beyond the higher sales figure, another positive piece of data
provided by today’s report was the number of newly built, unsold homes
on the market, which has been steadily declining since spring of 2007
and fell again to a modest 205,000 units in September,” said NAHB Chief
Economist David Crowe. “This suggests that builders continue to
prudently winnow down their inventories. That said, the concern is that
builders’ ongoing difficulty in accessing production credit will keep
the razor-thin supply of new homes from being replenished as consumer
demand revives, thereby
hindering the positive momentum.”

There was also recent news that the recession actually ended June 2009.
Maybe the industry is starting to show this firsthand.

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