Newly released estimates by the US Census Bureau and Department of Housing and Urban Development (HUD) show after the release of a 5.4 percent increase in July, New construction home sales in August were 25.8 percent higher than for the same period last year. These numbers reflect a significant rebound above what was forecasted in the estimate for June, when sales dropped to nearly 7 percent unexpectedly.
Nationwide, the Northeast lead in sales with a 23.1 percent boost. The West and South markets also showed significant gains. The Midwest, however was not as fortunate, coming in with a 6.9 percent decrease.
The study also found that the total of new homes for sale jumped almost 2 percent the month before and has reached a top level not seen since 2010. Inventory of houses for sale and condominiums for sale continues to be at low levels as compared to inventory levels during the height of the housing boom.
Even so, current data shows new construction single family homes are being built at a faster pace since 2007 and there are no signs of a slow down. This is favorable news for home buyers because a growing number of available inventory helps keep local price increases in check and maintains affordability in the marketplace. More on this story by reading here.