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New-Home
Sales Surge
To All-Time
Record Pace
In June
Article
Date - July.27.2005
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Sales
of newly built
single-family
homes surged
to an all-time
seasonally adjusted
annual rate
of 1.374 million
units in June,
according to
estimates released
today by the
U.S. Commerce
Department.
The rate was
4.0 percent
higher than
the upwardly
revised sales
pace set in
May, and 14.0
percent above
the June sales
pace of a year
ago.
“Builders
expected June
numbers to be
very strong,”
said David Wilson
president of
the National
Association
of Home Builders
(NAHB) and a
custom home
builder from
Ketchum, Idaho.
“We survey
single-family
builders regularly,
and they indicated
that they were
solidly optimistic
about July.”
“The
housing market
turned in another
solid performance
throughout the
second quarter,
showing the
strength of
demand,”
said NAHB Chief
Economist David
Seiders. “A
strong economy
and favorable
market fundamentals,
including a
low and stable
mortgage rate
structure, growing
employment and
increases in
household income,
are driving
the market.”
All four regions
across the country
posted a higher
home sales pace
in June from
the month before.
The Northeast
posted a 7.2
percent increase,
sales in the
Midwest were
up 2.1 percent,
sales in the
South increased
5.1 percent,
and sales in
the West nudged
up 2.8 percent.
The median price
for new homes
sold in June
was $214,800,
down from $227,400
in May. “This
probably reflects
a change in
the regional
and market segment
sales mix,”
Seiders said.
The inventory
of new homes
for sale was
454,000, a 4.0
months’
supply at the
June sales pace.
“The inventory
situation remains
very manageable.
More than 56
percent of the
homes included
in the inventory
are under construction
and a record
22.3 percent
have not been
started yet,”
Seiders said.
“Because
of the limited
amount of land
available for
building in
many areas and
in anticipation
of increased
mortgage rates
in the coming
months, builders’
inventories
are very lean."
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