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Fourth Quarter New Home Sales End on a High

Mortgage News > Fourth Quarter New Home Sales End on a High
Date: 01/26/2011    Fourth Quarter New Home Sales End on a High

New home sales rose to their highest levels in 8 months during the month of December. The Commerce Department reported Wednesday a 17.5 percent increase or 329,000 unit annual rate which exceeded market experts estimate of 300,000 unit annual rate.

Market analysts aren’t eager to claim this is evidence of a mended economy and instead view the surge as ephemeral.

Investors on the other hand see the numbers in the quarter report as a good sign when it corresponds with other fourth quarter improvements such as government debt fell sharply, stocks on Wall Street traded higher and the dollar was little changed against the euro.

Daniel Silver, an economist at JP Morgan in New York, attributed the surge in numbers simply to the fact that "Contracts for new-homes sales had to be executed before the start of the New Year to qualify for the statewide tax credit…” reported Reuters.