US new home sales rise 2.3% in April, 29% ahead of year earlier

23 May 2013 16:39  [Source: ICIS news]

WASHINGTON (ICIS)--US sales of new single-family homes rose by 2.3% in April from March, the Commerce Department said on Thursday, and the pace of new home buying is running 29% ahead of the same month a year ago.

In its monthly report, the department said that sales of new one-family homes in April were at a seasonally adjusted annual rate of 454,000, up by 2.3% from March.

In a further sign of a recovering housing sector, the report also revised upward the original March sales figure from 417,000 to 444,000 units, also on a seasonally adjusted annual basis.

Compared with April’s sales figure of 454,000, purchases of one-family homes in April 2012 were only at 352,000.

While the overall national sales data showed a healthy 2.3% advance, performance was spotty on a regional basis.

New home sales were up by nearly 11% in the west and by 3% in the south, but those gains were in part offset by a sharp 16.7% drop in sales in the northeast and a 4.8% decline in the Midwest.

The housing market is a key downstream consumer sector for the chemicals industry, driving demand for a wide variety of chemicals, resins and derivative products such as plastic pipe, insulation, paints and coatings, adhesives, roofing materials and synthetic fibres.

The American Chemistry Council (ACC) estimates that each new home built represents some $15,000 (€11,700) in chemicals and derivatives used in the structure or in production of component materials, equipment and furnishings.

($1 = €0.78)

Paul Hodges studies key influences shaping the chemical industry in Chemicals and the Economy

By: Joe Kamalick
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