News


New home sales reach 7-year high across U.S.

Builders seeing motivated buyers, release of pent-up housing demand

Sales of newly built, single-family homes rose 2.2% to a seasonally adjusted annual rate of 546,000 units in May, according to newly released data from the federal Housing & Urban Redevelopment agency (HUD) and the U.S. Census Bureau.

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."

David Crowe, NAHB's chief economist, added: "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. The uptick in existing-home sales bodes well for builders, as it shows that the sellers are able to buy a new home."

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.

We can't do it without you.
Support local journalism.

Comments

Sorry, but further commenting on this topic has been closed.

Don't be the last to know

Get the latest headlines sent straight to your inbox every day.

The College Admissions Scam
By Elizabeth LaScala | 11 comments | 1,536 views

Couples: Write a Personal Ad . . . to Your Partner . . .
By Chandrama Anderson | 1 comment | 1,276 views

I’ve been Hacked! Insulted, too.
By Tom Cushing | 7 comments | 857 views