New-home sales will exceed 1 million units this year for the first time ever, and will do so again in 2004 despite a somewhat slower pace, according to the National Association of Home Builders."Not only will new-home sales break the million-unit mark for the first time on record, but it's now apparent that total production of new single-family homes (including homes built on owners' lots) will hit its highest level in history in 2003, at about 1.5 million units," said NAHB chief economist David Seiders. The NAHB forecast calls for a single-family production decline of 3.5%, to about 1.45 million units, in 2004. In the multifamily sector, the association is projecting that production will reach 342,000 units this year (off 1.5% from last year's total) and predicts a slowdown to 327,000 units for next year. The NAHB can be found online at http://www.nahb.com.

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