New Home Sales In US Reach Highest Levels Since 2008 Market Crash

New Home Sales In US Reach Highest Levels Since 2008 Market Crash

According to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes in the U.S. rose 3.5 percent in June 2016 from an upwardly revised May 2016 reading to a seasonally adjusted annual rate of 592,000 units. New home sales are up 9.3 percent in the second quarter of 2016 from the first quarter.

"This positive report is in line with our forecast for a gradual recovery of the housing market," said NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Ill. "For builders to meet the increasing demand for housing, we need to address supply-side headwinds such as shortages of lots and labor."

"The fact that new home sales reached their highest pace in over eight years shows the housing market is gaining momentum," said NAHB Chief Economist Robert Dietz. "The market should continue to firm throughout the year, propelled by low mortgage interest rates and solid growth in employment."

The inventory of new homes for sale was 244,000 in June, which is a 4.9-month supply at the current sales pace. The median sales price of new houses sold was $306,700.


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Dated: August 1st 2016
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