Sales of new single-family homes in May posted double-digit gains in some regions, most notably in the Northeast, where they jumped 53.2%. The South and West registered 20.3% and 6.5% gains, respectively, while sales in the Midwest were flat following strong sales in April.
“The extraordinary sales pace for May probably involved some acceleration of transactions in anticipation of higher interest rates down the line,” said NAHB Chief Economist David Seiders. “But it’s clear that underlying housing demand is quite strong and the current supply-demand balance is excellent.”
NAHB is now forecasting another record year for new home sales in 2004, Seiders said. In addition, “this powerful performance in the second quarter will certainly keep housing as a strong, positive component of the nation’s Gross Domestic Product,” he said.
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.
[ Go to Top ]