Signs of an improving housing market continue to blossom thanks to improving mortgage rates and stronger economic conditions.
The sales of newly built, single-family homes rose 7.6 percent to a seasonally adjusted annual rate of 369,000 units in May, according to newly released data from HUD and the U.S. Census Bureau.
"May's sales report is a welcome sign that the market has returned to a more solid growth path following lackluster reports in March and April, and is in keeping with our expectations for continued, steady improvement through the end of this year," said NAHB Chief Economist David Crowe. "While the current sales rate remains low by historical standards and continues to be constrained by challenges related to credit availability for builders and faulty appraisals, the ongoing decline in the month's supply of new homes will necessitate additional construction in certain markets going forward."
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