|
New Home Sales in South Carries Gains |
 |
 |
 |
|
Written by Jeff
|
|
Friday, 27 November 2009 11:26 |
|
Driven by strong (23.2%) gains in the South, new home sales jumped 6.2% overall in October to an annualized rate of 430k. The September pace was also revised upward and new home sales are about 5% above 2008 levels. However, this is down from the record high of 1,389K in July 2005 -a 69% decline from the peak. Our report is here: October New Home Sales
Overall, new home sales have clearly bottomed and inventory levels are coming down. A substantial drop in inventory is needed to drive up new sales.
Here is more from the Calculated Risk blog: New Homes Sales in October
|
