The popularity of new homes across the United States is growing. Sales are up more than 12% in the last year and 2.9% in May alone, new figures show.
Sales of newly built, single-family homes in May rose 2.9% to a seasonally adjusted 610,000 after an upwardly revised April reading. That’s according to the latest data from United States Department of Housing and Urban Development (HUD) and the Census Bureau.
Overall growth in new home sales
NAHB chair Granger MacDonald, says, “We are seeing solid overall growth in new home sales this year. Sales are up more than 12% from this time last year, and we expect continued gains throughout 2017.”
NAHB Chief Economist, Robert Dietz, adds, “This month’s report is in line with our forecast, and consistent with solid builder confidence readings. With more consumers entering the market, further job growth and tight existing home inventory, the new home sector should continue to expand.”
The inventory of new home sales for sale reached 268,000 in May. That is a 5.3-month supply at the current sales pace.
Regionally, new home sales increased 6.2% in the South.
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