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New home sales drop slightly, but record year expected.

While the seasonally adjusted sales rate decreased slightly in November, attractive mortgage rates and strong house price performance continued to drive new homes sales toward a predicted record year of more than 1 million units for the first time, according to the National Association of Home Builders.

The Commerce Department reported a seasonally adjusted annual rate of 1.082 million units, a dip of 2.4 percent from October's revised rate.

"Builders have seen an extraordinary year and builder confidence across the country continues to be upbeat," said Kent Conine, president of NAHB and a home and apartment builder in Dallas. "The environment for housing appears strong heading into 2004."
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Title Annotation:Trends & News
Publication:Wood & Wood Products
Date:Jan 1, 2004
Words:110
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