New-Home Sales Jump 8.3 Percent in JuneJuly 24th, 2013 by DWM Magazine
Sales of newly built, single-family homes surged 8.3 percent to a seasonally adjusted, annual rate of 497,000 units in June, their fastest pace in the last five years, according to data released today by HUD and the U.S. Census Bureau.
“The takeaway from this report is that the housing recovery is solidly on track and isn’t going to be derailed by slightly higher mortgage rates,” says National Association of Homebuilders (NAHB) chief economist David Crowe. “After years of fence-sitting, buyers are back and are ready to move forward with an investment in homeownership.” Looking ahead, he said he anticipates further, though more incremental, gains in sales through the end of this year.
Three out of four regions saw solid gains in new-home sales activity in June, with the Northeast, South and West posting increases of 18.5 percent, 10.9 percent and 13.8 percent, respectively. The Midwest posted an 11.8 percent decline following an above-trend bump in activity in May.