Friday, December 24, 2010

NEW HOME SALES SEE GAIN IN NOVEMBER

New home sales in the US rose 5.5% last month.  That's good news but that silver lining comes with a dark cloud.  November's annual adjusted rate of 290,000 homes is still less than half of the 600,000 new homes that economists say we need to bring the housing market back to life.

If you are a builder with homes to build, congratsBut what you're finding is that new home prices have fallen to $213,000, a drop of almost 3% over last year.  With material costs set to rise again, aren't you glad you locked in your costs by going modular!

In November, new home sales were down a whopping 26.7% in the Northeast and 13.2% in the Midwest.  However, sales were UP 37.3% in the West and 5.8% in the South.

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