The WPJ
New Home Sales Uptick in US, Reach Seven-Year High

New Home Sales Uptick in US, Reach Seven-Year High

Residential News » United States Edition | By Miho Favela | June 26, 2015 9:15 AM ET



According to HUD and the U.S. Census Bureau, sales of newly built, single-family homes rose 2.2 percent to a seasonally adjusted annual rate of 546,000 units in May 2015. This is the highest new-home sales rate since February 2008.

"Our builders are seeing motivated buyers and the release of pent-up housing demand," said Tom Woods, chairman of the National Association of Home Builders (NAHB) and a home builder from Blue Springs, Mo. "However, builders are facing supply chain challenges, which is affecting the inventory of new homes."

"This month's new-home sales report is consistent with other government data and rising builder confidence that indicate a continual recovery of the housing market," said NAHB Chief Economist David Crowe. "The uptick in existing-home sales bodes well for builders, as it shows that the sellers are able to buy a new home."

Regionally, home sales were mixed, rising 87.5 percent in the Northeast and 13.1 percent in the West. The Midwest registered a 5.7 percent decline and the West fell 4.3 percent.

The inventory of new homes for sale was 206,000 units in May. This is a 4.5-month supply at the current sales pace.
 

Real Estate Listings Showcase

This website uses cookies to improve user experience. By using our website you consent in accordance with our Cookie Policy. Read More