While sales of existing homes fell 1.8 percent in August, as MHProNews reported Sept. 23, sales of newly-built, single-family homes rose 18 percent in the same month, hitting a seasonally-adjusted annual rate of 504,000 units. The National Association of Home Builders (NAHB) reports this was the best pace in six years, according to data released by the Census Bureau and the Department of Housing and Urban Development (HUD). “This robust level of new-home sales activity is a good sign that the housing recovery is moving towards higher ground,” said NAHB Chief Economist David Crowe. Regionally, sales rose 50 percent in the West, 29.1 percent in the Northeast, 7.8 percent in the South, and remained unchanged in the Midwest. The inventory of new homes for sale rose to 203,000 in August, a 4.8 month supply at the current rate of sales. ##
