New-home sales up 5.5% in November

[Roland99]

Source: MarketWatch

Sales of new single-family homes climbed 5.5% in November, a government report said Thursday, as the housing market continues to show stability at weak levels.

The Commerce Department said new-home sales rose to a seasonally-adjusted annual rate of 290,000, from a downwardly revised 275,000 in October.

The sales level missed the MarketWatch-compiled economist total of 295,000, and the initial government report said October sales were 283,000. The pace of sales is 21.2% below that of November 2009.

The new-home sales report is famously volatile, and November’s report had a standard of error of plus or minus 16.2% — meaning the month could have shown anything from an improvement of 21.7% to a drop of 10.7%.

Read more: http://www.marketwatch.com/story/new-home-sales-up-55-in-november-2010-12-23

[UncleTomsEvilBrother]

1. Maybe because I'm in a silly mood, but...

...that last sentence/paragraph made me shake with hysterical laughter.

[defendandprotect]

3. That's a doozy of a last paragraph ... as you pointed out -- !!

The new-home sales report is famously volatile, and November’s report had a standard of error of plus or minus 16.2% — meaning the month could have shown anything from an improvement of 21.7% to a drop of 10.7%.


Yikes!

[defendandprotect]

2. Certainly, questionable -- a puzzlement?

My husband was quoting this to me last night --

new homes?

What about the ... is it still 2.6 million homes up for foreclosure?

Have no idea if I'm anywhere near the number -- HELP!

And agree that last paragraph can give you the giggles!



:eyes:

[Bigmack]

4. I wonder if it isn't cheaper...

to buy a new home than a used one.

Lumber prices are down and carpenters are hungry. I think I could put together a pretty good deal.... cheaper land, cheaper materials, cheaper labor...

Another explanation might be new homes are selling because anybody with serious money might want their own brand-new house rather than somebody else's.

In any case, the really important figure is how many used homes are selling.

[ixion]

5. The housing market is already feeling the next wave of crappy loan resets: Option ARM and Alt A

loans that will peak in 2011. It ain't over yet, and new home sales actually makes matters worse.