Printer Friendly

AUGUST NEW HOME SALES DOWN FOLLOWING THREE CONSECUTIVE MONTHLY GAINS

AUGUST NEW HOME SALES DOWN FOLLOWING THREE CONSECUTIVE MONTHLY GAINS
 WASHINGTON, Sept. 30 /PRNewswire/ -- New home sales broke a string of three consecutive monthly increases in August, falling 6.1 percent to a seasonally adjusted annual rate of 570,000 units, the Commerce Department reported today.
 "Even though interest rates have fallen to 20-year lows, the housing market will not move forward on a sustained basis as long as consumers remain uncertain over jobs and the economic outlook," said Robert "Jay" Buchert, president of the National Association of Home Builders (NAHB).
 To help bolster confidence, Buchert urged Congress to adopt as part of a major tax bill now before a House-Senate conference committee, a provision that would provide a $2,500 tax credit for first-time home buyers.
 "The home buyer tax credit, which was approved as part of the Senate's $34 billion tax bill last night, would give the economy a shot in the arm," said Buchert. "It will put approximately 240,000 Americans back to work building an additional 125 ,000 new homes over the next six months."
 New home sales in July were revised upward by 44,000 units, an 8 percent increase, and this revision partially explains the August decline. "This is why it is important to gauge the long-term outlook as opposed to changes in the month-to-month numbers, which tend to be erratic and subject to large revisions," Buchert noted.
 NAHB is forecasting that new home sales in the third quarter will increase modestly over the second quarter and anticipates 595,000 new home sales for the entire year, up 17 percent from last year's 509,000 figure.
 -0- 09/30/92
 CONTACT: Jay Shackford of the National Association of Home Builders, 202-822-0406 CO: NATIONAL ASSOCIATION OF HOME BUILDERS IN: CST SU: ECO ST: DC -- DC045 -- X737 09/30/92
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 30, 1992
Words:304
Previous Article:GE CAPITAL FLEET SERVICES APPOINTS PURKIS AS SENIOR VICE PRESIDENT OF FINANCE
Next Article:MICHIGAN OTC CHANGES, PROVIDED BY FIRST OF MICHIGAN CORP., TODAY: SEPT. 30, 1992
Topics:


Related Articles
New Home Sales Fall in September.
Japan's housing starts down 0.6 pc in Oct. on year.
ONLINE HOME GOODS SALES DECLINE 2.4% IN AUGUST.
Japan wholesaler, retailer sales fall for 7th month in Aug.
Japan's retail sales decline 1.8% in Aug.
Kyodo economic news summary -3-.
Builder confidence sinks further, says NAHB.
N.H. home sales increase for 3rd straight month: 'we're moving in the right direction,' says N.H. Realtors President Paul Sargeant.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters