New Home Sales Continue Improving
The July numbers for new home sales, up 5.4% from June and nearly 26% from July 2014, indicate that the housing market continues to improve, says David Crowe, chief economist for the National Association of Home Builders. Still, he notes, that puts annual new home sales on pace to hit 507,000 - about half way back to what the industry considers a normal year.
Because the majority of new homes are bought by existing home owners, they tend to move up as equity in their current home improves and if they feel more secure about employment. As the U.S. economy continues to gradually improve, confidence and home sales follow.
He adds that new single-family homes have shifted away from starter or first-time buyers and focus on move-up buyers. The home construction marketplace continues to look for more positive signs that the Millenial generation will start investing.
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