104 Business View Magazine - July 2016
National Association of
Home Builders
New Home Sales Fall 1.6 Percent in November
Sales of newly built, single-family homes dropped 1.6
percent in November to a seasonally adjusted annual
rate of 438,000 units, according to data released by
the U.S. Department of Housing and Urban Develop-
ment and the U.S. Census Bureau.
“Though home sales have edged slightly lower, build-
ers are reporting confidence in the market and are
increasing their inventory in anticipation of future
business,” said Kevin Kelly, chairman of the National
Association of Home Builders and a home builder and
developer from Wilmington, Del.
“Sales have held in a relatively stable range during the
past four months,” said NAHB Chief Economist David
Crowe. “As the labor market and broader economy con-
tinue to strengthen, we can expect the housing sector
to gain momentum.”
The inventory of new homes for sale rose to 213,000
in November, which is a 5.8-month supply at the cur-
rent sales pace. Regionally, new home sales rose 14.8
percent in the West. Sales dropped 12 percent in the
Northeast, 6.3 percent in the Midwest and 6.4 percent
in the South.
