WASHINGTON, D.C. – August 25, 2015 – (RealEstateRama) — Sales of newly built, single-family homes rose 5.4 percent to a seasonally adjusted annual rate of 507,000 units in July, according to newly released data from HUD and the U.S. Census Bureau.
“Our builders are reporting higher traffic and more serious buyers, and are adding inventory in anticipation of future business,” said Tom Woods, chairman of the National Association of Home Builders (NAHB) and a home builder from Blue Springs, Mo.
“Today’s report is in line with other government data and improving builder sentiment and shows a gradual but consistent housing recovery,” said NAHB Chief Economist David Crowe. “As job growth and consumer confidence continue to strengthen, the housing market should make additional gains this year.”
Regionally, the Northeast, South and West posted respective gains of 23.1 percent, 5.8 percent, and 6.7 percent. The Midwest registered a 6.9 percent decline.
The inventory of new homes for sale was 218,000 units in July. This is a 5.2-month supply at the current sales pace.
ABOUT NAHB: The National Association of Home Builders is a Washington-based trade association representing more than 140,000 members involved in home building, remodeling, multifamily construction, property management, subcontracting, design, housing finance, building product manufacturing and other aspects of residential and light commercial construction. NAHB is affiliated with 800 state and local home builders associations around the country. NAHB’s builder members will construct about 80 percent of the new housing units projected for this year.