NAHB Says Current Market Conditions Could Increase Production of New Homes

The US Department of Housing and Urban Development and the US Census Bureau’s New Residential Sales in April 2016 press release reflected a surge in national new single-family home sales. Reaching the highest level since January 2008, new homes sales were 16.6% greater than in March and 23.8% higher than the same time last year.

Almost every region in the country saw double-digit new home sales increases with the exception of the Midwest. In the West, however, new home sales climbed by 18.8% on a month-over-month basis and they were 23.6% greater than April 2015.

The National Association of Home Builders (NAHB) expressed their optimism about the latest new home sales data. NAHB Chief Economist Robert Dietz stated, “Rising home sales combined with tight inventory will translate into increased housing production as we move onward in 2016, especially as job creation continues and mortgage rates remain low.” Read more at http://bit.ly/247PB3t.

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