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Economic News in Review Greenville SC - Dec 02, 2014
Economic News in Review Greenville SC

Here is last week’s Economic News in Review Greenville SC.
 
Sales of new homes increased, but not as much as real estate watchers had hoped. Personal incomes and spending both posted gains. Layoffs, while up, remained at low levels.
New Home Sales
Sales of new single-family homes in October posted gains for the third-straight month, but the performance was tepid. Transactions of new homes grew 0.7 percent to an annual rate of 458,000, according to last week’s report from the Census Bureau and the Department of Housing and Urban Development.
October’s new home transactions were short of the 470,000-unit pace that the market had expected and likely pointed to mediocre gains in momentum for the new home market for the remainder of the year. Still, compared to last year, the month was up 1.8 percent from the October 2013 rate of 450,000.
Looking at home values, the median sales price of new homes sold in October was $305,000 and the average price was $401,100. In terms of inventory, the estimated number of new homes for sale at the end of October was 212,000, which represented a 5.6-month supply at October’s sales rate.
Personal Incomes ... more

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