by Carla Hill
New home sales rose during the month of April. This 3.3 percent rise
reported by HUD and the U.S. Census Bureau is consistent with
predictions of sustained growth through the rest of the year.
On a regional basis, new-home sales rose 7.7 percent in the
Northeast, 28.2 percent in the Midwest and 27.5 percent in the West in
April. The South was the only region to post a decline for the month, of
10.6 percent.
"The increase in April sales activity is in line with other
important housing measures that have shown continued, gradual
improvement from the first quarter as more consumers look to take
advantage of today's low interest rates and affordable home prices,"
noted National Association of Home Builders (NAHB) Chairman Barry
Rutenberg, a home builder from Gainesville, Fla. "In markets where
demand is rising, we could be seeing a faster pace of recovery if not
for persistently tight lending conditions that are slowing both the
building and buying of new homes."
Inventory for new homes is now at a 5.1-month supply -- slim by historic standards.
A rise in sales is always good news in this post-recession
economy. The National Association of Home Builders (NAHB) is committed
to showing current and future homeowners the opportunities which
homeownership brings. That is why the month of June is National
Homeownership Month.
"Anyone thinking of buying a home shouldn't wait any longer,"
added NAHB Chairman Barry Rutenber. "Housing markets around the country
are improving, home prices have stabilized, there is a great selection
of available homes for sale, and interest rates are at near historic
low levels."
You can read more information about homeownership, threats to the
American Dream, current housing proposals, and mortgage information at ProtectHomeownership.com -- run by the NAHB.
"Homeownership remains a core value to American families," said
Rutenberg. "Even more important than the financial advantages of
homeownership, is that first and foremost, a home is where your family
can relax, spend quality time together and build lifelong memories."
A recent NAHB study (January 2012) found that despite a still
struggling economy, the dream of homeownership is alive. The study found
that 96 percent of homeowners are happy they own. That is a big
statement considering the number of underwater owners. Nearly seven out
of 10 American adults who are not currently home owners said it was a
goal of theirs to buy a home.
Will we continue to see improving sales and housing growth?
Lawrence Yun, National Association of Realtors chief economist, said new
jobs are the key. "Ongoing job creation, which is at a higher level
this year, is fueling an underlying demand for commercial real estate
space, assisted by a steady increase in consumer spending," he said.
"The pattern shows gradually declining commercial vacancy rates, with
consequential but generally modest rent growth."
Published: June 18, 2012
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