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New Home Sales Highest Annual Rate Since 2007

New single-family home sales in 2016 had a 12.2% gain over 2015, according to estimates from HUD and the U.S. Census Bureau. It was the highest annual rate for new home sales since 2007.

“To ensure sales continue to move forward in 2017, builders need to price their homes competitively, especially given that mortgage interest rates are expected to rise this year,” said Granger MacDonald, Chairman of the National Association of Home Builders (NAHB).

The inventory of new home sales for sale was 259,000 in December, which is a 5.8-month supply at the current sales pace. The median sales price of new houses sold was $322,500.

Source:  Eye on Housing

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