April new home sales despite flooding woes, poor weather
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Tags: real estate, housing market, home prices, housing, existing home sales, pending home sales, new home sales, mortgages, interest rates Devon Thorsby is the real estate editor at U.S. News & World Report, where she writes consumer-focused articles about the homebuying and selling process, home improvement, tenant rights and the state of the.
New-home sales rose 6.2% in October off a nice increase in September, although the latter was revised downward by 3.3%. The September and October gains in new-home sales are mostly a reversal of depressed home sales levels seen in July and August, when a series of hurricanes pummeled the Southeast and kept potential homebuyers out of the market.
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As prices go up, existing home sales are on track to hit the highest sales pace since 2006, a new forecast from the National Association of Realtors shows. However, the housing market will still face various headwinds, including lack of economic growth, which could hold back the sales pace.
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· Here is a chart of New Home Sales through April: Click on graph for larger image. As Berson noted, 2006 is on track to be the third strongest year ever behind 2005 and 2004. New Home Sales are off 11.2% YTD compared to 2005. Berson’s numbers are slightly different because he includes Existing Home Sales.
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