HVAC Breaking News

Sept. 26, 2003: August New Home Sales Hit Second-Fastest Pace On Record

WASHINGTON — Sales of new single-family homes rose 3.4 percent to a seasonally adjusted annual rate of 1.15 million units in August, the U.S. Department of Commerce reported. This is the second-fastest pace for any month on record, and is only slightly off the all-time record pace of 1.18 million units set in June.

"Home builders were busy keeping up with demand all summer," noted Kent Conine, president of the National Association of Home Builders (NAHB). "Not only that, but third-quarter home sales are shaping up to be even stronger than the second quarter's numbers, despite somewhat higher mortgage rates."

"We're now looking at new home sales surpassing the million unit mark for the first year on record in 2003," stated David Seiders, NAHB’s chief economist. The association is forecasting 1.05 million new home sales this year, excluding custom homes built on the owner's lot.

Regionally, all but the South reported home sales gains in August. Sales rose the most in the Northeast and Midwest, where 12.5 percent and 12.9 percent gains were recorded, respectively. The West posted a 2.4 percent gain, while the South showed a 1.1 percent decline to a pace still faster than its second quarter average.

Publication date: 09/22/2003

Looking for quick answers on air conditioning, heating and refrigeration topics? Try Ask ACHR NEWS, our new smart AI search tool. Ask ACHR NEWS

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Greg Mazurkiewicz is Web Editor. He can be contacted at 248-244-6459 or gregmazurkiewicz@achrnews.com. Greg handles the day-to-day operations of The NEWS' website, www.achrnews.com, including the Extra Edition page, which offers additional online-exclusive articles. He has 40 years of experience as a writer and editor. He holds a bachelor's degree in Journalism and a master's degree in Business Management.