Get Our Email Newsletter

New Home Sales Reach Highest Level Since February 2008

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

Nahb-Logo“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.”

LBM Resources

White Paper: Overcoming the Amazon Effect

Overcoming the Amazon Effect How LBM businesses can win big by doing what the online retailers can't. Topics covered: What has changed with Amazon - and...

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.

Regionally, new home sales rose by 10.9% in the West and 10.4% in the Midwest. Sales fell by 0.3% in the South and 5.6% in the Northeast.

Source: NAHB

Get our free newsletter

Join thousands of other lumber and building material industry leaders and keep up with the companies, people, products and issues shaping the industry.

What's New

Digital Partners

Become a digital partner ...

Sales Comp Study

Download this 55-page, in-depth study by LBM Journal of industry trends in sales force compensation and benefits. See how your organization stacks up.

Webinars

- Advertisement -

White Papers

View all ...

- Advertisement -

Partner Content

View all ...

- Advertisement -