US new home sales fell in Dec to 15-year low

28 January 2008 17:21  [Source: ICIS news]

WASHINGTON (ICIS news)--Sales of US single-family new homes fell nearly 5% in December to a seasonally adjusted annual rate of 604,000 units, the lowest average in 15 years, according to data issued on Monday by the Commerce Department.


The department said that December new home sales fell 4.7% from November’s annualized rate of 634,000 new homes sold, and December’s sales were nearly 41% below the rate set in December 2006.


The home construction industry is a key downstream consuming sector for a wide variety of chemicals and chemical-based products such as roofing and siding materials, insulation, adhesives, paints and coatings, plastics and synthetic fibres.


The annualized December 2007 figures mark the lowest level of new home sales since 1992 when an estimated 610,000 new single-family homes were sold as the US economy emerged from a period of very slow growth.


The department said that for all of last year an estimated 774,000 new homes were sold, which marks the slowest year for new home construction and sales since 1996 when 757,000 new homes were sold.

By: Joe Kamalick
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