Existing home sales edge up from record low
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The pace of existing home sales edged up in November from a record low, according to a report on Monday that offered some tentative signs of stabilization in the still-ailing housing market.
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Sales of new homes rose to a record high in 2004, the fourth straight annual record. But activity in December barely budged after a big drop the previous month, suggesting the nation's red-hot housing market may finally be cooling.
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Sales of existing U.S. homes slipped in May to the lowest level in four years and the number of unsold homes on the market rose sharply, suggesting a housing recovery was still a long ways off.
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WASHINGTON  - Sales of existing U.S. homesunexpectedly rose by 2.7 percent in November as low mortgagerates fueled a record pace of home-buying, a trade associationreport showed on Wednesday.
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Stocks were set to push a little higher on the last trading day of the year, but data on existing home sales could limit any advance.
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Sales of previously owned homes inched up in November but that didn't change the overall bleak picture for an ailing housing industry that has been suffering through a painful slump.
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U.S. new home sales rose 0.2 percent in October to the third-highest level on record following an upwardly revised gain in September, a government report showed on Wednesday.
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Sales of existing homes in the United States fell by 3.3 percent in December from a record November high, a trade association report showed on Tuesday.
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Sales of new homes rose unexpectedly in April to the fastest pace this year as the housing sector showed resilience in the face of rising mortgage rates. But the price of homes sold last month fell and the level of unsold homes rose to a record high.
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State and national housing sales hit record highs in 2004, boosted by mortgage rates near historic lows, according to preliminary figures released yesterday, but with rates expected to drift upward, few in the real estate industry expect that pace to be matched in 2005.
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With the help of low mortgage rates, sales of both new and existing homes in the country are on track to hit new record highs for all of this year, analysts say.
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US sales of previously owned homes rose 2.7 percent to a record in November, making 2004 the best year ever for housing. Existing homes sold at a 6.94 million annual rate, up from a 6.76 million pace in October
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Defying forecasts of an imminent slowdown, sales of new homes shot up in April to the fastest sales pace this year. But prices were up only slightly, and the backlog of unsold homes hit a new record.
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House hunters shied away from buying in July, driving down sales of previously owned homes to a 2 1/2-year low. The inventory of unsold homes climbed to a record high.
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Sales of new U.S. homes rose 16.2 percent in April, the sharpest climb in 14 years as builders slashed prices a record 11 percent, a government report showed on Thursday, signalling stabilization in the housing sector.
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The pace of sales of pre-owned homes fell slightly in July but the inventory of unsold properties soared to the highest level in over 15 years as troubles in the subprime mortgage market continued to wreak havoc on the housing sector.
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The share of homes owned but empty edged back up in the third quarter toward a record set earlier this year, the Census Bureau said on Friday, another sign of weakness in the housing sector.