Cleaning & Restoration Breaking News

U.S. new home sales surge in November

January 2, 2002
/ Print / Reprints /
ShareMore
/ Text Size+
The government said U.S. residential real estate seemed recession-resistant in November as homebuyers snapped up new houses at the fastest pace since March.

WASHINGTON -- The U.S. Commerce Department said the U.S. residential real estate sector remained recession-resistant in November, as homebuyers snapped up new houses at the fastest pace since March.

The government said new homes sales rose 6.4 percent in November to a seasonally adjusted 934,000 annual rate, its quickest clip since March's 953,000 annual rate. The gain was the largest monthly percentage jump since December 2000.

The figures were stronger than Wall Street analysts had expected, and showed the impact of relatively low mortgage interest rates combined with unseasonably warm weather for the month. In a survey of economists by Reuters, the average forecast called for home sales to post a much smaller rise to about an 888,000 annual rate.

Aided by low interest rates, the housing market has stayed relatively robust in the face of the U.S. recession that began in March. According to mortgage finance giant Freddie Mac, the interest rate on 30-year mortgage loans averaged 6.66 percent in November, but has crept up in December.

Within the recent Commerce Department new home sales report, three of the four regions saw gains: The South saw sales increase 7.7 percent to a 478,000 annual rate; the Midwest, a sales gain of 13.1 percent to a 173,000 yearly rate. The Northeast, the smallest new homes market, saw sales gain 6.1 percent while the West region was the only one to see a decline, as sales fell by 0.9 percent.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

Podcasts

Have a limited marketing budget but realize the importance of neighborhood marketing? Try doorknob hangers, a low-cost, yet highly effective way to drum up more business. In this episode, John Braun discusses the value of this tactic as well as what you should include on the materials you're hanging.
More Podcasts

ICS Cleaning Specialist Magazine

CoverImage

2014 September

The September issue of ICS features stories on moisture detection, disinfectant services, neighborhood marketing, then we discuss the last level of being phenomenal, and cool products.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive

THE ICS STORE

Get Paid! book cover
Get Paid! (ebook)
Over 30 authors – over 40 articles…from attorneys, contractors, consultants, instructors and others, both inside and outside the restoration industry. R & R, C & R and Cleanfax, opened their archives and gave us the best they had, other chapters were created just for the “Get Paid!” book and its readers. And every one of them has ideas for how to get paid what you are owed.

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.pngcrc logo