- Existing home sales rose 4.3% in January to a 4.57 million unit pace, although December sales figures were revised downward to show a 0.5% decline.
. Inventories of existing homes fell again in January to 6.1 months, although the downward trend is unlikely to continue given the backlog of foreclosures that should hit the market over the next few months due to the end of the moratorium on home foreclosures.
- New home sales pulled back slightly in January, declining 0.9% to a 321,000 unit pace, while the December data was revised upward to a 1.9% increase.
. The inventory of new homes fell to 5.6 months from 5.7 months in December, as builders have little incentive to begin new construction projects due to the price differential between new and existing homes.
- Initial jobless claims continued to trend downward last week, declining to 351,000, while the four-week moving average fell to 359,000, suggesting sustained declines in layoffs.
In 1989, Delta Gypsum started in Graham, North Carolina as a distributor of wallboard and related building products. Its current headquarters is in Wake Forest, North Carolina. Founded by Phil Ritchie, the legacy of this mid-Atlantic based premium distributor continues on its family roots and traditions with David Ritchie and John Kindt. The new leadership ushers in the next generation of family to keep growing and serving the many loyal customers and friends we have had for years.
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