Single-Family House Sales Up by 4,000

The nation’s builders sold 677,000 new single-family houses last year, up 4,000 from 1987. It was the sixth consecutive year new-home sales topped the 600,000 mark, according to U.S. Department of Commerce figures.

“We had a strong finish in 1988 and we project a moderately good year for single-family construction and sales in 1989,” according to Shirley McVay Wiseman, newly elected president of the National Assn. of Home Builders.

Wiseman said the trade association is forecasting 645,000 new home sales this year, down 5% from the 1988 pace. Mortgage rates, she said, are expected to rise from their current level of nearly 11% to about 11 1/2% by midyear.