Home Resales Are Headed for a Record
WASHINGTON — Sales of existing homes appear headed for a record in 1996, according to reports Monday that also suggest moderate economic growth in the new year.
“All in all, it’s the way to end the year,†said Robert G. Dederick, economic consultant for Northern Trust Co. in Chicago. “The economy’s on an uptrend, but not too steep a one. It keeps employment full but inflation at bay.â€
The National Assn. of Realtors reported that sales of previously owned single-family homes rose 1.8% in November to 4.04 million at a seasonally adjusted annual rate.
The increase reversed a five-month string of declines, including a dip to a 3.97-million rate in October. Analysts had expected little change.
Still, except for October, sales have remained above the 4-million rate for eight straight months. The Realtors forecast that 1996 sales will total 4.09 million, breaking the 3.99-million record set in 1978.
Meanwhile, the Conference Board reported in New York that the index of leading economic indicators edged up 0.1% in November after remaining unchanged a month earlier. The index is designed to forecast economic activity six to nine months in advance.
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Sales of Previously Owned Homes
Seasonally adjusted annual rate in millions of units:
Nov. 1996: 4.04
Source: National Assn. of Realtors
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