Recent Good News from Housing Reports
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Four major reports have come out lately that indicate a pick up in housing.
The December 2010 pending home sales index, the number of contracts signed to buy a new home, rose 2 percent to 93.7. This is the fifth gain in the last six months.
Existing home sales for December 2010 rose 12.3% from November, to a seasonally adjusted annual rate of 5.28 million and was also the fifth increase in six months. This puts existing homes for sale at an 8.1 month supply, down from 9.5 months in November. Sales of single-family homes increased 11.8 percent to a seasonally adjusted annual rate of 4.64 million from 4.15 million in November.
According to the U.S. Census Bureau New Residential Sales report, new home sales jumped more than 17 percent in December. The seasonally adjusted annual rate of sales was 329,000. There were approximately 191,000 new homes for sale in December, the lowest since February of 1968. At the current sales rate, this represents only about 6.9 months supply of new homes.
Also according to the U.S. Census Bureau, December 2010 housing permits were up over 16 percent from November. This is the fourth consecutive increase for single family permits. The lumber and building material industry has been particularly hard hit in the housing down-turn, a steady increase in new home construction would give the building material industry and the economy a significant boost.
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