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Despite sluggishness in other sectors of the economy, new homes are being built and sold at record levels. According to statistics compiled by the U.S. Department of Commerce, the number of new single family homes started and sold each month continues at a record pace – levels not seen in 25 years. "Favorable interest rates, signs of an improved economy, healthy gains in home values and strong household formations are all fueling demand for new homes, and builders are responding to the times," said Kent Conine, president of the National Association of Home Builders (NAHB). Monthly home starts show no sign of slowing as evidenced by the number of building permits being secured for future construction. In August, single-family building permits gained 3% - bringing the seasonally adjusted rate to a record 1.475 million homes. The U.S. Department of Commerce reported that the seasonally adjusted annual rate for August 2003 was $471 billion spent on the construction of new homes. This is an improvement of 7.0% over August 2002. In September, the seasonally adjusted annual rate was $477 billion spent on the construction of new homes, which is an improvement of 10.6% over September 2002. The overall forecast is promising for the new homes sales market. For new homes, sales in August were a brisk seasonally adjusted 1.147 million units. While in September, new single-family homes continued selling at a near-record seasonally adjusted annual rate of 1.145 million units, which concludes the best quarter on record for new-home sales. |
Monthly New Home Starts Continue to Hammer Away at Records Savvy Buyers are Changing Channels Small Houses That Require Big Imaginations Agent of My Success – KC Chermak
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"…it looks like there is plenty of momentum for housing…," Conine stated.
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Dennis
Walsh & Associates, Inc. Website
Design, Graphics, Product Logos and Product Interfaces |