As we mentioned a few weeks ago (Home Sales Rise In May) the new construction continues going strong with sales of single family homes increasing 2.2 percent, resulting in a seasonally adjusted annual rate of 546,000 units. New home sales in May 2015 were nearly 20 percent higher than in May 2014.
New home inventories remain tight at 206,000 which is approximately a 4.5 month supply at the current pace. This has pushed the average sales price of a new home to $337,000 as of May.
What’s next? Builders continue to build which would indicate a continual recovery of the housing market according to the National Association of Home Builders.