WASHINGTON – April marked the second month that sales of newly built, single-family homes grew, according to newly released data from HUD and the U.S. Census Bureau. Newly built, single-family homes grew 6.4 percent to a seasonally adjusted annual rate of 433,000 units last month.
"In a positive development, builders are adding inventory in anticipation of a further release of pent-up demand," said NAHB Chief Economist David Crowe. "We are only about half-way back to what could be considered a normal market, but relatively low mortgage rates and affordable home prices are other factors that should help keep starts and sales on a slow upward trajectory in the months ahead."
Inventory of new homes for sale grew to 192,000 units last month, which marks a 5.3-month stock at the existing sales pace.
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