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Purchases of new U.S. homes hovered in August near a two-year high, adding to signs that the housing market is on the way to recovery.
Existing home sales rose more than forecast to a 4.82 million annual rate in August, a two-year high, from a 4.47 million pace the prior month, the National Association of Realtors reported last week.
Sales of new homes, tabulated when contracts are signed, are considered a timelier barometer than purchases of previously owned dwellings, which are calculated when a contract closes.
Newly constructed houses accounted for 6.7 percent of the residential market in 2011, down from a high of 15 percent during the boom of the past decade.
Improving demand is bolstering homebuilders such as Miami- based Lennar Corp. (LEN) and allowing for longer-term construction strategies.
“Simply put, the housing market is recovering, not only are our sales margins and backlogs improving, but the beginnings of a sense of visibility are coming back to underwriting land acquisition and planning for the future,” Chief Executive Officer Stuart Miller said on a Sept. 24 earnings call.
“The home building business is beginning to revert to normal and that’s positive for the U.S. economy in general, which is in turn good for a sustained recovery in the housing market,” Miller said.
Toll Brothers Inc. (TOL), the largest U.S. luxury-home builder, reported a better-than-estimated profit and an increase in revenue for its third quarter ended July 31. The average price of the homes that the Horsham, Pennsylvania-based company delivered in the quarter climbed to $576,000 from $557,000 in the previous three months.
If the housing sector is recovering, won't it be kind of hard to blame Obama the "Socialist"?
http://www.bloomberg.com/news/2012-09-26/sales-of-new-u-s-homes-hover-near-a-two-year-high.html
Existing home sales rose more than forecast to a 4.82 million annual rate in August, a two-year high, from a 4.47 million pace the prior month, the National Association of Realtors reported last week.
Sales of new homes, tabulated when contracts are signed, are considered a timelier barometer than purchases of previously owned dwellings, which are calculated when a contract closes.
Newly constructed houses accounted for 6.7 percent of the residential market in 2011, down from a high of 15 percent during the boom of the past decade.
Improving demand is bolstering homebuilders such as Miami- based Lennar Corp. (LEN) and allowing for longer-term construction strategies.
“Simply put, the housing market is recovering, not only are our sales margins and backlogs improving, but the beginnings of a sense of visibility are coming back to underwriting land acquisition and planning for the future,” Chief Executive Officer Stuart Miller said on a Sept. 24 earnings call.
“The home building business is beginning to revert to normal and that’s positive for the U.S. economy in general, which is in turn good for a sustained recovery in the housing market,” Miller said.
Toll Brothers Inc. (TOL), the largest U.S. luxury-home builder, reported a better-than-estimated profit and an increase in revenue for its third quarter ended July 31. The average price of the homes that the Horsham, Pennsylvania-based company delivered in the quarter climbed to $576,000 from $557,000 in the previous three months.
If the housing sector is recovering, won't it be kind of hard to blame Obama the "Socialist"?
http://www.bloomberg.com/news/2012-09-26/sales-of-new-u-s-homes-hover-near-a-two-year-high.html
