New Single-Family Home Sales Make Gains in May

At the fastest pace since July 2008, May marked the third consecutive month of new single-family home sales gains. Nationally, sales increased by 2.1% on a seasonally adjusted basis while the West gained 3.6%. Optimism for a sustainable housing recovery was expounded upon in a statement yesterday by National Association of Home Builders Senior Economist, Robert Denk:  “Today’s report confirms that the improvement we have been seeing in the housing markets over the past year continues to take place at a gradual and steady pace. 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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