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06/27/2017

New Home Sales Rise 2.9 Percent in May

WASHINGTON, June 23 -- Sales of newly built, single-family homes in May rose 2.9 percent to a seasonally adjusted annual rate of 610,000 units after an upwardly revised April reading, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

"We are seeing solid overall growth in new home sales this year," said Granger MacDonald, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Kerrville, Texas. "Sales are up more than 12 percent from this time last year, and we expect continued gains throughout 2017."

"This month's report is in line with our forecast, and consistent with solid builder confidence readings," said NAHB Chief Economist Robert Dietz. "With more consumers entering the market, further job growth and tight existing home inventory, the new home sector should continue to expand."

The inventory of new home sales for sale was 268,000 in May, which is a 5.3-month supply at the current sales pace.

Regionally, new home sales increased 13.3 percent in the West and 6.2 percent in the South. Sales fell 10.8 percent in the Northeast and 25.7 percent in the Midwest.

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ABOUT NAHB: The National Association of Home Builders is a Washington-based trade association representing more than 140,000 members involved in home building, remodeling, multifamily construction, property management, subcontracting, design, housing finance, building product manufacturing and other aspects of residential and light commercial construction. NAHB is affiliated with 700 state and local home builders associations around the country. NAHB's builder members will construct about 80 percent of the new housing units projected for this year.

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