Sales of newly-built single-family homes increased to a seasonally-adjusted annual rate of 610,000 units in May, up 2.9%
Sales of newly-built single-family homes increased to a seasonally-adjusted annual rate of 610,000 units in May, up 2.9%.
Data from the HUD and US Census Bureau reveals that the sales increase was driven by a 13.3% rise in the West with the South gaining by 6.2%. Sales in the Midwest were down by 25.7% while the Northeast saw a 10.8% drop.
America’s home builders remain confident that the market remains strong, despite challenges of shortages in labor and lots; and rising costs.
“We are seeing solid overall growth in new home sales this year,” said Granger MacDonald, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Kerrville, Texas. “Sales are up more than 12% from this time last year, and we expect continued gains throughout 2017.”
NAHB’s chief economist Robert Dietz added that the May figures are in line with the association’s reading of its members’ confidence in the market and its forecast for sales. He said that conditions are favorable for further gains.
“With more consumers entering the market, further job growth and tight existing home inventory, the new home sector should continue to expand,” Dietz said.
Total inventory of newly-built homes for sale was 268,000 in May, 5.3 months of supply at current sales pace.
Data from the HUD and US Census Bureau reveals that the sales increase was driven by a 13.3% rise in the West with the South gaining by 6.2%. Sales in the Midwest were down by 25.7% while the Northeast saw a 10.8% drop.
America’s home builders remain confident that the market remains strong, despite challenges of shortages in labor and lots; and rising costs.
“We are seeing solid overall growth in new home sales this year,” said Granger MacDonald, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Kerrville, Texas. “Sales are up more than 12% from this time last year, and we expect continued gains throughout 2017.”
NAHB’s chief economist Robert Dietz added that the May figures are in line with the association’s reading of its members’ confidence in the market and its forecast for sales. He said that conditions are favorable for further gains.
“With more consumers entering the market, further job growth and tight existing home inventory, the new home sector should continue to expand,” Dietz said.
Total inventory of newly-built homes for sale was 268,000 in May, 5.3 months of supply at current sales pace.
