Home Builders "Gradually Adding Inventory"
Sales of newly built, single family homes jumped 5.7 percent in August, according to HUD and the U.S. Census Bureau data. The increase, off an upwardly revised July number, represents a seasonally adjusted annual rate of 552,000 units.
In a post from the NAHB, home builder Tom Woods, chairman of the association, said, "Builders are gradually adding inventory to meet future demand as they handle shortages of lots and labor. We continue to hear from our members that more serious home buyers are returning to the market."
NAHB chief economist David Crowe said the numbers indicate the "release of pent-up demand. "The housing market should continue to move forward at a modest but more persistent pace throughout the rest of 2015." Find the full article here.
The inventory of new homes for sale was 216,000 units in August. This is a 4.7-month supply at the current sales pace.
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