New home sales remained effectively flat in October as the housing affordability crisis showed few signs of easing.
The Housing Industry Association’s (HIA) new home sales figures released yesterday recorded a 0.8 per cent rise in the sale of new home and units.
The data is based on a survey of 100 leading residential builders.
HIA chief economist Harley Dale said that no clear upward trend was apparent in new home sales over the year to date.
“2007 looks set to mark the fourth consecutive year of weakness for new home sales,” said Dale.
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