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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: nextrade! who wrote (26253)12/27/2004 7:54:53 AM
From: nextrade!Read Replies (1) of 306849
 
New-home inventory is at a 25-year high

investors.com

...report out Thursday from the Census Bureau showed November new-home sales dived 12% from October to a 1.125 million unit annualized pace.

The Midwest saw the biggest sales drop in November, tumbling 39.4%. Sales fell 27.9% in the West and 7.1% in the Northeast. But sales in the South rose 13.6%.

The median sales price was $206,300, down 8.2% from October and 0.4% from a year earlier.

The supply of unsold homes grew to 4.5 months' worth at the current sales pace, the highest since February 2003. New-home inventory is at a 25-year high.

This is the second surprisingly gloomy housing report. Last week the government said November housing starts tumbled 13.1%, the biggest drop in 11 years.

Economists aren't sure if this is the start of a housing slowdown or just the result of quirky data.

"It's a cautionary flag, but it's nothing to get worried about just yet," Naroff said, adding December's sales numbers will provide a fuller picture as to which way the sales trend is headed.

But he notes mortgage rates haven't risen much despite five straight Federal Reserve hikes. "If we stay at these levels before mortgage rates pick up, then I get worried," he said. "It means that pent-up demand has largely been met."
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