While sales of newly built single-family homes is on the rise, buyers are finding fewer choices as inventory sinks to a new record low, the Commerce Department reported Thursday.
New-home sales rose 3.6 percent in July to 372,000-unit annual rate — matching a two-year high that was set in April. New-home sales are up 25.3 percent over year-ago levels.
"Sales of new homes in July returned to the same solid pace they set in May, which was the fastest sales rate we'd seen in more than two years," says Barry Rutenberg, chairman of the National Association of Home Builders. "This is further evidence that consumers are becoming more confident in local housing markets as they look to take advantage of today's very favorable prices and interest rates." Read more...
Resource: Daily Real Estate News | Friday, August 24, 2012
New-home sales rose 3.6 percent in July to 372,000-unit annual rate — matching a two-year high that was set in April. New-home sales are up 25.3 percent over year-ago levels.
"Sales of new homes in July returned to the same solid pace they set in May, which was the fastest sales rate we'd seen in more than two years," says Barry Rutenberg, chairman of the National Association of Home Builders. "This is further evidence that consumers are becoming more confident in local housing markets as they look to take advantage of today's very favorable prices and interest rates." Read more...
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