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THIRD QUARTER NEW HOME SALES UP 10 PERCENT FROM SECOND QUARTER

 THIRD QUARTER NEW HOME SALES UP 10 PERCENT FROM SECOND QUARTER
 WASHINGTON, Oct. 30 /PRNewswire/ -- New home sales posted a seasonally adjusted annual rate of 616,000 in the third quarter, up 10 percent from the 561,000 rate in the second quarter, the Commerce Department reported today.
 "We have seen a sharp improvement in home sales over the past few months," said Robert "Jay" Buchert, president of the National Association of Home Builders (NAHB). "This healthy increase in sales is primarily the result of declining long-term interest rates, which hit a 19-year low last month."
 Although new home sales posted a 1 percent decline in September at a seasonally adjusted annual rate of 617,000, the numbers were actually very positive, according to Buchert. "September sales are down 1 percent, but this is based on a revision of August home sales, which were revised upward by 9 percent, or 53,000 units," he said.
 "Every month this year the government has had to upwardly revise its preliminary estimate of new home sales because pre-sales have been consistently underestimated," Buchert added. "Based on this trend, we can expect September sales to be revised upward next month."
 Regionally, September new home sales posted a 25.3 percent gain in the Northeast and were up 3.6 percent in the South. They fell 14.4 percent in the Midwest and 8.4 percent in the West.
 "Broadly speaking, the regional trend indicates that the market in the Northeast has recovered somewhat, the West is still soft and the Midwest and South are somewhere in between," Buchert said.
 -0- 10/30/92
 /CONTACT: Jay Shackford of the National Association of Home Builders, 202-822-0406/ CO: National Association of Home Builders ST: District of Columbia IN: CST SU: ECO


TW -- DC019 -- 7249 10/30/92 15:39 EST
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Date:Oct 30, 1992
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