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Follow on Google News | Charles Rutenberg Realty Broker/Owner Joe Moshé Comments on New Home Sales in JanuaryJoe Moshé, Broker/Owner, Charles Rutenberg Realty, says the rise in new home sales during the month of January should spur home builders to construct new houses in order to satisfy demand.
By: Charles Rutenberg Realty The Commerce Department reported today that new home sales were up 16% last month to a seasonally adjusted rate of 437,000. This is higher than December 2012’s upwardly revised figure of 378,000 and also marks the highest level in four and a half years and the largest percentage increase in almost 20 years. However, housing starts fell 8.5% in January to a seasonally adjusted annual rate of 890,000, according to Commerce. There were 973,000 in December 2012, which was the best month for new-home starts since June 2008. But while Commerce said the number of new building permits increased 1.8% last month from 909,000 in December 2012 to 925,000 in January and the pace of construction of single-family homes rose slightly last month to 0.8%, the National Association of Home Builders (NAHB) recently reported that builder confidence on the NAHB/Wells Fargo Housing Market Index dropped one point this month to 46, which is considered a poor outlook. An index where the number is over 50 indicates a positive outlook on single-family home sales by home builders. “The spike in new home purchases have been fueled by consumers taking advantage of record-low mortgage rates, but this buying frenzy and the drop in new homes being built have resulted in a shrinking inventory and higher home sale prices,” Mr. Moshe said. “Homebuilders are down on the economy right now, but once it picks up and the weather warms up, they will begin hiring again.” Charles Rutenberg Realty is one of the nation’s fastest-growing Agencies (http://www.crrli.com/ About Charles Rutenberg Realty Founded in 2006, Charles Rutenberg Realty of New York is one of the nation’s fastest-growing, most progressive Real Estate (http://www.crrli.com/) End
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