In recent press release, the NAHB publicized new U.S. Census Bureau and U.S. Department of Housing and Urban Development data indicating that new, single-family home sales increased by 2.2 percent in May to a seasonally adjusted annual rate of 546,000 homes. The NAHB notes that the recent new-home sales rate is the highest since early 2008.
According to the NAHB’s chief economist, the latest new-home sales report supports growing builder confidence and other government data that suggests a continually recovering housing market. The organization’s chairman also states that builders are benefitting from motivated buyers and the relief of repressed housing demand.
While new-home sales increased nationally in May, the sales rate varied regionally, with an 87.5 percent sales increase in the Northeast but declines in the South and Midwest.