IE Business Daily Business news for the Inland Empire.
Nationwide sales of new single-family homes rose 2.2 percent in May, according to the National Association of Home Builders.
That works out to a seasonally adjusted rate of 546,000 units, meaning that’s the number of new houses that would be sold this year if last month’s rate of growth were to remain the norm, the association stated in data it released Tuesday.
“This month’s new-home sales report is consistent with other government data, and rising builder confidence that indicate a continual recovery of the housing market,” said David Crowe, the association’s chief economist, in a statement.
“The uptick in existing home sales bodes well for builders, as it shows that the sellers are able to buy new a new home.”
Regionally, the northeast posted the largest gain in new home sales, at 87.5 percent, according to the data.
There were approximately 206,000 new homes for sale throughout the country last month, which is between a four and five-month inventory at the current rate of sales, the Washington, D.C.- based association stated.
