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US new home sales rise 2.9 per cent in May
June 23, 2017 - Sales of newly built, single-family homes in May rose 2.9 per cent to a seasonally adjusted annual rate of 610,000 units after an upwardly revised April reading, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
June 23, 2017 By National Association of Home Builders
“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 percent from this time last year, and we expect continued gains throughout 2017.”
“This month’s report is in line with our forecast, and consistent with solid builder confidence readings,” said NAHB Chief Economist Robert Dietz. “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 was 268,000 in May, which is a 5.3-month supply at the current sales pace.
Regionally, new home sales increased 13.3 percent in the West and 6.2 per cent in the South. Sales fell 10.8 percent in the Northeast and 25.7 per cent in the Midwest.
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