The sale of newly built and single-family homes is increased by 5.2 per cent adjusting annual rate of 592,000 units, reported by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
According to the Chairman of the National Association of Home Builders (NAHB) – Ed Brady, the builders can expect that the new homes sale will continue to grow even in 2017. Only thing they need to manage is to ensure that prospective, qualified first-time home buyers have access to affordable home loans.
NAHB Chief Economist Robert Dietz believes that single-family home construction is going to increase despite the shortages of lots and labor in some markets and it will bring a growth in jobs enhancing economy.
“Moreover, builder confidence has risen on anticipation of reductions in regulatory costs, which is good news for homebuyers and renters,” adds Robert Dietz.
Reportedly by November, the inventory of new homes was 250,000 which can give a supply of 5.1 months. Across regional area in US, the sales rate of new homes in the Midwest and the West increased by 43.8, 7.7 per cent respectively whereas it fell by 3.1 per cent in the South and remained unchanged in the Northwest.
Source: World Property Journal