January New Single-Family Home Sales Rise 9.6%

NAHB New Home Sales Rebound in JanuaryThe US Department of Housing and Urban Development and the US Census Bureau announced that new single-family home sales increased by 9.6% on a seasonally adjusted rate from December 2013. In the West, new home sales in January increased by 11.0% over the prior month. National Association of Home Builders’ (NAHB) Chief Economist, David Crowe, attributed the increase to “sales catching up with pent up demand.”

Kevin Kelly, NAHB chairman, stated, “The fact that the cold weather that hit much of the country didn’t stop home buyers from going out and purchasing a piece of the American dream is a great sign. However, the very low supply of new homes on the market and the continued concern of available buildable lots still have builders cautious about getting ahead of themselves.” New home inventory in January remained at a 4.7-month supply. http://bit.ly/1cqOdia

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