New Home Sales Surge Nearly 19 Percent

Dated: 06/25/2014

Views: 660

DAILY REAL ESTATE NEWS | WEDNESDAY, JUNE 25, 2014
After a sluggish start to 2014, new-home sales posted a strong rebound in May. Sales of newly built single-family homes soared to the highest rate since May 2008, jumping 18.6 percent last month, according to data released Tuesday by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

"This increase is a welcome sign after a slow start to 2014," says David Crowe, chief economist of the National Association of Home Builders. "As job creation continues, we can expect further release of pent-up demand and continued gradual growth in the housing recovery."

Across the country, regions posted big gains in new-home sales, with the Northeast leading the pack. Sales of new-homes jumped 54.5 percent in the Northeast, 34 percent in the West, 14.2 percent in the South, and 1.4 percent in the Midwest.

Inventory levels mostly stayed flat, as builders continue to be cautious about overbuilding. The inventory of new homes for sale held steady at 189,000 units in May, representing a 4.5-month supply at the current sales pace.

Source: National Association of Home Builders

Phil Mount

Phil Mount is an agent at Front Street Brokers in Boise, Idaho. Phil became a licensed REALTOR in August 2009 after a 25 year career as a technology marketing professional. In his first year as an a....

Want to Advertise on this Site?

Latest Blog Posts

Get Money Back From Idaho Power With Renewable Energy

Renewables and Net Metering(less than 100 kW)PrintIdaho Power's Net Metering tariff allows Idaho and Oregon customers to install small-scale renewable generation projects on their property and

Read More

Free Idaho Power Shade Tree Project

Get your free trees from Idaho Power!  I now have two BEAUTIFUL oak trees in front of my home.  All of your planting instructions come with the trees.  https://www.idahopower.com

Read More

Cozy 3 Bed 2 Bath Single Level Meridian Home

Cozy 3 Bed 2 bath Single Level Meridian Home  1180 W. Kingswood Ct. Meridian, Idaho 836461,352 sq. ft.Contact: Jared Cozby (208) 830-3715  $184,900Perfect cul de sac location

Read More

Upgrades Galore In This Custom Built Home 271 S Barkvine Wy MLS 98666252

Don't miss this one-of-a-kind home!  271 S Barkvine Way, Star  MLS 98666252.  This Gorgeous Home was custom built as the 2014 St Jude Dream Home!!  Located in a desirable Star

Read More