New-Home Sales Up 5.7 Percent in September
Sales of newly built, single-family homes rose 5.7% to a seasonally adjusted annual rate of 389,000 units in September, according to government figures released Oct. 24. This was the fastest sales pace recorded since April of 2010. All but one region registered sales gains, including the Northeast (16.7%), the South (16.8%) and the West (3.9%). The Midwest was the exception to the rule, with an inexplicable 37.3% decline.
Meanwhile, the inventory of new homes for sale inched slightly upward to a still-low 145,000 units in September, which is a 4.5-month supply at the current sales pace, while the inventory of completed new homes for sale fell to a record low. Reacting to the latest numbers, NAHB Chairman Barry Rutenberg said in our press release that, "Combined with consistent, positive reports on housing starts, permits, prices and builder confidence in recent months, this new data provides further confirmation that a gradual but steady housing recovery is underway across much of the nation."
Remodeling Gauge Gains Five Points in Third Quarter
Tracking with recent positive housing trends, NAHB's index gauging professional remodeler sentiment climbed five points to its midpoint of 50 in this year's third quarter. This returns the Remodeling Market Index(RMI) to its highest point since the third quarter of 2005, and accounts for a six-point gain in the component measuring current market conditions (up from 46 to 52) and a five-point gain in the component measuring future indicators (up from 44 to 49). This 50 reading indicates that an equal number of professional residential remodelers believe market activity has increased compared to the previous quarter as believe it has decreased. All three indicators of current market conditions improved in the third quarter, including maintenance and repairs (up six points to 56), minor additions and alterations (up four points to 51), and major additions and alterations (up seven points to 49).
Meanwhile, future market indicators posted gains in every region but the Northeast, and each separate component measuring future market conditions rose, including calls for bids (up four points to 48), amount of work committed for the next three months (up three points to 46), backlog of remodeling jobs (up four points to 50), and appointments for proposals (up eight points to 51).
Everyone stay safe during this Super Storm that is gearing up to hit the eastern U.S.
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- Joanne Loftus