Reflecting the highest rate since May 2008, sales of newly built, single family homes rose 18.6 percent in May, to a seasonally adjusted annual rate of 504,000 units, according to the NAHB, which cited the recently released data by HUD and the U.S. Census Bureau. 

The west did even better. While new home sales rose 14.2 percent in the south and 1.4 percent in the midwest, they rose 34 percent in the western region of the country. And they were up 54.5 percent in the northeast.  "These numbers are in line with our recent builder surveys, which indicate tht more consumers are getting off the fence and coming back into the marketplace," said Kevin Kelly, chair of the NAHB.

David Crowe, NAHB's chief economist, observed that the 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."

 

   Tweet