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New Home Sales Reach Highest Pace Since 2008

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New Home Sales Reach Highest Pace Since 2008

According to a new report from the National Association of Home Builders (NAHB), new single-family homes reached the highest rate of sale in six years in May 2014. Estimates from the U.S. Census Bureau and the Department of Housing and Urban Development showed that new home sales increased to a rate of 504,000 annually in May, a gain of 18.6 percent over April.

The spike in single-family home sales recently is a significant increase over the housing industry’s slow winter sales. May’s estimates represent a growing recovery trend among the single-family housing sector. By the end of 2014, NAHB forecasts total single-family sales to reach 515,000, which would be an almost 20 percent gain, year-over-year.

Regionally speaking, the West saw the highest increase in the pace of single-family home sales, which could be attributed to improving economic and job market trends. The South also saw an increase in sales, with a 14 percent rise in pace. These gains may reflect payback for prior weather-related declines.

Read the full article from NAHB here.

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