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NEW HOME SALES CONTINUE STRONG PACE IN SEPT.
| Sales of new single-family homes continued at a near-record seasonally adjusted annual rate of 1.145 million units in September, virtually unchanged from August's 1.147 million-units pace, according to a recent U.S. Dept. of Commerce report. "Housing continues to provide major muscle to the national economy as we head toward the end of the year," said Kent Conine, president of the National Association of Home Builders (NAHB). "Residential fixed investment unquestionably boosted the national economy in the third quarter," said NAHB Chief Economist David Seiders. Solid demographic fundamentals, including strong immigration, are also major factors underpinning demand for housing, he said. The inventory of new homes for sale in September remained flat at 342,000 units, an historically low 3.7 months' supply at the current sales rate. |