Seiders said that NAHB is projecting 1.084 million home sales for the year as a whole, an increase of 11% over the record sales level of 2002. This would be the first time that sales have exceeded one million units.
November sales declined 10.1% in the Midwest, 6.5% in the Northeast and 1.3% in the West; they increased by a modest 0.4% in the South.
The inventory of new homes for sale in November increased slightly to 363,000 units, a 4.1-month supply at the current sales pace but low by historical standards.
Existing Home Sales Slip in November, But Remain Strong
Existing home sales slipped 4.6% in November to a seasonally adjusted annual rate of 6.06 million units, the National Association of Realtors® reported on Dec. 30, but remained 6.9% higher than they were during the same month a year earlier.
David Lereah, the association’s chief economist, predicted that 2003 would set a record for home resales and that 2004 is “likely to be the second-best year on record” for sales.
Existing home sales declined 2.4% in the West, 4.1% in the Northeast, 5.1% in the South and 6.6% in the Midwest