Weak Home Sales Point to Need for Housing Stimulus
New single-family home sales fell 4.7% in December, according to figures released by the U.S. Commerce Department on Jan. 28. December’s seasonally adjusted annual rate of 604,000 units was 40.7% below a year earlier.
Regionally, new-home sales fell 6.5% in the South, 6% in the West and 1.2% in the Midwest. The Northeast posted a 6% gain. All regions were down substantially on a year-over-year basis, ranging from a 27.4% fall-off in the Northeast to a 55.8% drop in the Midwest.
The inventory of new homes for sale was down 2.3% to 495,000 units in December as builders continued to gradually work down their inventory. The equivalent months’ supply at the December sales pace edged up to 9.6 months from 9.4 months in November.
Webcast of NAHB Fall Construction Forecast Available Till Feb. 5
The webcast of the NAHB Fall Construction Forecast Conference held in Washington, D.C. on Oct. 24. is available for purchase through Feb. 5.
The conference webcast includes panels of nationally recognized experts discussing economic trends, government policies, developments in the housing industry and the results from NAHB's recent surveys.
Purchasers will receive unlimited access to the webcast archive though Feb. 5, as well as electronic copies of the conference handouts and presentation material. Purchasers can watch at their own pace, rewind, fast forward and review important sections.
To Purchase the Webcast
To purchase the webcast, visit www.nahb.org/cfcwebcast.
For more information, contact Kate Carrigan at NAHB, or call her at 800-369-5242 x8244.
Want to Know the Housing Forecast for the Top 100 Metros?
Find out in HousingEconomic.com’s 2008 to 2009 Metro Forecast (free preview).
Get the metro forecast with in-depth analysis, overviews and downloadable Excel tables.
To learn more, visit www.HousingEconomics.com.
Free NAHB Kit Gives Builders Back-to-Basics Tips to Navigate the Slowdown
What was once expected to be a relatively mild housing slump following three years of record new home construction and sales has given way to a significant downturn.
To help members navigate the uncharted waters of this slowdown, NAHB has compiled a comprehensive “Back to Basics” online toolkit — the best of the basics, the tried and true and the truly new. To access the toolkit, click here.
To access the “Back to Basics” toolkit, you must be an NAHB member and have a login to www.nahb.org. To create a login, go to www.nahb.org/login or click on the log-in button on the main menu bar.
For assistance, call the NAHB Member Service Center at 800-368-5242.