04 December 2013 15:44 [Source: ICIS news]
WASHINGTON (ICIS)--US sales of new single-family homes shot up by more than 25% in October from September, the Commerce Department said on Wednesday, marking a return to stronger sales after three months of mediocre growth.
In its monthly report - delayed a month because of the 16-day federal government shutdown in early October - the department said that sales of new single-family homes in October were at a seasonally adjusted annual pace of 444,000.
That represents a 25.4% improvement over the September pace of 354,000 new one-family homes sold, and it is 21.6% ahead of sales reported for October 2012.
The new home sales figures rose into the 400,000 or higher range for the first time since June this year when the pace was 450,000 single-family new home sales, also seasonally adjusted and annualised.
Sales of new one-family homes had been in the 350,000 range and a bit higher in July, August and September.
Regionally, October’s sales improvements were strongest in the US Midwest, shooting up by 34% from September’s pace. There was a 28.2% advance in new single-family home sales in the South.
The Northeast and West showed gains of 19.2% and 15.2% respectively, also strong gains.
Construction and sale of new single-family homes is the core segment of the US housing market.
That 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 (€11,100) in chemicals and derivatives used in the structure or in production of component materials, equipment and furnishings.
The department said that its delayed report on November’s new home sales would be issued on 24 December.
($1 = €0.74)
Paul Hodges studies key influences shaping the chemical industry in Chemicals and the Economy
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