New-home sales forecast to increase during July
August 26th, 2011 2:38am
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A recent survey of economists conducted by FactSet revealed an optimistic outlook for new-home sales during July.The panel of housing experts predicted the nation's level of new-home sales would increase to a seasonally adjusted annual rate of 315,000 during the month. Actual figures will be released by the Commerce Department on Tuesday, August 23.
During June, new-home sales slipped 1 percent from the previous month to an annual rate of 312,000. This total is less than half the amount that economists believe healthy markets should be able to sell in a given month.
On record, 2010 was one of the worst-performing years in terms of new-home sales, marking the fifth-straight year that sales declined, which followed a five-year period of record highs. However, year-to-date sales for 2011 currently trail the pace set at this time last year.
While new-home sales only represent one-fifth of the housing market, they have a sizable impact on the economy. The National Association of Home Builders reports that for every new home built, an average of three jobs are created and close to $90,000 is generated in taxes.
The Houston real estate market could stand to gain from new homes, as the region lost a number of public-sector jobs recently, according to reports.
Courtesy of 2M Realty News
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