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July new home sales disappoint
Sales of new homes slipped 2.4 percent in July from June numbers, to an annual rate of 412,000, according to data from the Census Bureau and Department of Housing and Urban Development.
“We are somewhat surprised by this dip, considering builder confidence and new-home starts are on the rise,” said Kevin Kelly, chairman of the National Association of Home Builders and a home builder and developer from Wilmington, Del.
The group’s chief economist, David Crowe, remained optimistic for an uptick later this year.
The average price of a new home sold in July — $339,100 — was up 2.8 percent over July 2013.
Continued low levels of first-time homebuyers is weighing against new home sales, warned Stephanie Karol, a U.S. economist for forecaster IHS Global Insight.
“When move-up demand accounts for such a vast majority of existing home sales, it implies a low rate of household formation and thus low demand for new housing stock,” Karol cautioned.
Home & Garden
At the Planning Board's Thursday public hearing for proposed zoning changes, resident Rob Schaefer argued that the Villa Augustina School property be re-zoned in order to make the property easier to...READER COMMENTS: 0
Following a tour of the Villa Augustina School on Mast Road on Saturday, the Goffstown School Board has decided to not pursue purchasing and renovating the former Catholic school to address growing...READER COMMENTS: 0
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The Goffstown School Board continued discussions on Monday night about the possibility of purchasing the former Villa Augustina School campus to address growing space needs in the district.READER COMMENTS: 0
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A parcel on the north side of the 170-acre property is under agreement for a sale to local developer and restaurant owner Joseph Faro.