HIA December report shows drop in new home sales

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The latest data from the Housing Industry Association’s (HIA) New Home Sales Report has revealed a dip in new home sales by 1.9% in December, in particular a big drop in demand for units.
 
Sales for multi-units and detached house sales were at 9.2% and -0.2%, respectively.
 
Despite the gloomy figures, HIA said total new home sales were up 4.9% over the quarter. It added that sales for 2014 were 14.4% higher than the year before.
 
“This year will be another healthy one for the national new home building sector. The two key leading indicators of new home building activity, new home sales and residential building approvals, both saw increases during the December quarter of 2014.
 
“This is a clear indication that actual residential construction activity will rise in the current early months of 2015, which is good news for the broader domestic economy in addition to the housing sector,” HIA economist Diwa Hopkins said. 
 

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