New Single-Family Home Sales in May Make a Double-Digit Leap

On a seasonally adjusted basis, May 2014 saw the sale of 504,000 new single-family houses according to a joint news release by the US Census Bureau and the US Department of Housing and Urban Development (HUD). May’s new single-family home sales figure is 18.6% greater than the revised April 2014 rate and 16.9% greater than the same time a year ago.

National Association of Home Builders (NAHB) chairman, Kevin Kelly, stated in regards to the press release figures, “These numbers are in line with our recent builder surveys, which indicate that more consumers are getting off the fence and coming back into the marketplace.” Davie Crowe, NAHB’s Chief Economist, seemed to share with Kelly’s sentiment by stating, “This increase is a welcome sign after a slow start to 2014. As job creation continues, we can expect further release of pent-up demand and continued gradual growth in the housing recovery.”

Increases in new single-family home sales were observed across all regions of the United States in May. Sales in the West were 34% higher in May than the prior month, making it the second behind the Northeast region whose sales were 54.5% higher than April.

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