REALTORMag
Sales of newly built, single-family homes increased 3.7 percent last month, reaching a seasonally adjusted annual rate of 555,000 units, the Commerce Department reports.
“We can expect further growth in new home sales throughout the year, spurred on by employment gains and a rise in household formations,” says Robert Dietz, chief economist of the National Association of Home Builders. “As the supply of existing homes remains tight, more consumers will turn to new construction.”
The median price of new homes in January reached $312,900, the Commerce Department reported. Inventories of new homes for sale was 265,000 last month, a 5.7-month supply at the current sales pace.
