May U.S. New Home Sales at Fastest Pace Since July 2008
Jun 26, 2013
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May 2013 sales of new single-family houses were at a seasonally adjusted annual rate of 476,000, according to the United States Census Bureau--the fastest sales pace since July of 2008.
May 2013 sales were up 2.1% from the revised April 2013 rate of 466,000 and is up 29.0% from May 2012's 369,000.
The government put the May median sales price of new houses sold at $263,900 and the average sales price at $307,800.
The seasonally adjusted estimate of new houses for sale at the end of May 2013 was 161,000. This is a supply of 4.1 months at the current sales rate.
"Builders are reporting increased demand for new homes as buyers seek to take advantage of historically low mortgage rates while they remain so favorable," said Rick Judson, chairman of the National Association of Home Builders (NAHB) and a homebuilder from Charlotte, NC. "Consumers in markets nationwide are definitely becoming more confident about making a home purchase as firming prices and tighter inventories provide further evidence of the ongoing housing recovery."
"Today's report confirms that the improvement we have been seeing in housing markets over the past year continues to take place at a gradual and steady pace," said NAHB Senior Economist Robert Denk. "We expect to see more of this positive momentum in the coming months, tempered by the caution that builders are exercising to avoid getting ahead of demand along with ongoing constraints they face with regard to the availability of credit, materials, lots and labor."
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