US sales of new one-family homes dip by 2.1% in November

24 December 2013 16:21 Source:ICIS News

HOUSTON (ICIS)--US sales of new single-family homes fell by 2.1% in November from October, the US Department of Commerce said on Tuesday.

In its monthly report, the department said that sales of new single-family homes last month were at a seasonally adjusted annual rate of 464,000, a drop from the revised October rate of 474,000.

However, the November figure is 16.6% above the estimate of 398,000 reported for the same month last year.

The department added that the seasonally adjusted estimate of new houses for sale at the end of November was 167,000, representing a supply of 4.3 months at the current sales rate.

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 (€11,000) in chemicals and derivatives used in the structure or in production of component materials, equipment and furnishings.

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By Tracy Dang