Sales of New U.S. Homes Climbed in November to Two-Year High |
| Bloomberg - Dec 27, 2012 |
Sales of new houses rose in November to the highest level in more than two years, the latest sign that the real-estate market is helping lift the U.S. economy.
Purchases climbed 4.4 percent to a 377,000 annual pace, the most since April 2010, following a revised 361,000 rate in October, the Commerce Department reported today in Washington. The median estimate of 71 economists surveyed by Bloomberg called for sales to increase to 380,000.
Low mortgage rates and dwindling foreclosures are stabilizing prices and attracting buyers more than three years after a recession that was fueled by the industry’s collapse. Growing demand coupled with less inventory has given a boost to Toll Brothers Inc. (TOL) and other companies, which are competing for buildable lots.
“The housing market’s in a steady recovery that’s likely to continue,” said Neil Dutta, head of U.S. economics at Renaissance Macro Research LLC in New York. “We’re probably in the early stages of this positive feedback loop” of cheap credit, tight inventory and rising prices, he said. “It’s not likely to get to the heydays of the last boom but the housing market is doing well.”
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- Posted: 2012-12-27 16:33:09
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