Sales as a whole rose year-over-year, up 8.7 percent from a year ago.
Despite a sluggish revenue period between 2009 and 2011, upward trends in new and existing home sales have spurred a rebound in the cabinet and vanity manufacturing industry, with sales increasing to $14.8 billion as of earlier this year.
Sales of newly built, single-family homes slowed 8.4 percent to a seasonally adjusted annual rate of 350,000 units in June following an upwardly revised, strong pace in the previous month, according to figures released today by HUD and the U.S. Census Bureau.
Buoyed by stabilizing home prices and sustained low interest rates, nationwide housing affordability during the third quarter of 2011 is near its highest level in the more than 20 years it has been measured.
Millions of owners are stuck in homes worth less than they owe on their mortgages, and existing home sales remain depressed while new home sales continue near record lows, concludes The State of the Nation’s Housing report released today by the Joint Center for Housing Studies of Harvard University.