Home sales, new construction slumping.(BUSINESS Today)
Home Textiles Today, June, 2006 by Hogsett, Don
WASHINGTON -- The U.S. housing market continued its long-anticipated cooling off during April as sales of existing homes and housing starts both headed south for a second straight month. Bucking the trend, at least for now, sales of costly new homes continued to climb, rising by 4.9%, following an even bigger jump of 12.0% in April.
But even with the recent run-up, new home sales were still well beneath their torrid pace of a year ago, down 9.5% from March 2005. And while still gaining, new home sales represent the smallest component of housing activity, representing just 12% of activity in the housing sector. Sales of existing homes, by far the largest piece of the housing pie, slipped for a second straight month, dipping by 2.0%. Sales of existing...
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