“Market fundamentals remain sound despite an increase in mortgage interest rates since March,” said NAHB Chief Economist David Seiders. “We’ve been expecting sales to recede from the pace of earlier this year, but we’re forecasting an annual total of 1.113 million units, which would be about 2% above last year’s record pace.”
Sales slumped 22% in the South, 9.4% in the West and 2.5% in the Northeast; they rose 10.8% in the West.
The 387,000 inventory of new homes for sale in April represented a slim 4.3-month supply at that month’s sales pace. “The inventory situation still is fundamentally healthy, and the number of completed units in inventory still is historically low,” said Seiders.
Mark Your Calendar for NAHB's Fall Construction Forecast Conference
Get the latest forecasts on housing starts, project budgets and other economic bellwethers of the housing industry at NAHB's Fall Construction Forecast Conference at the National Housing Center in Washington, D.C. on Oct. 27. Click here for more information.
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