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The U.S. Commerce Department reported that sales of newly built, single-family homes rose 3.4 percent to a seasonally adjusted annual rate of 1.05 million units in November. Sales also were revised upward for the three previous months.
The latest number is up from October’s 1.01 million units and well above the recent low of 979,000 units that was recorded in July.
“This is a very good report, and is consistent with the idea that the rather abrupt downward correction in home sales from the unsustainable highs of 2005 has reached its end. Furthermore, inventories of unsold units are gradually being drawn down from their mid-year highs,” said David Seiders, Chief Economist of the National Association of Home Builders.
“The data also confirm what our builder surveys have been telling us over the past several months – that buyer demand is firming up across many markets and that builders are looking forward to further improvements in sales activity in 2007.”
The inventory of new homes for sale fell for the fourth consecutive month in November to 545,000 units, which is equivalent to a 6.3-month supply at the current sales pace. This is the lowest inventory level since February and the lowest month’s supply since May.
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