New Home Sales Rise 7.6% in May

Sales of newly built, single-family homes rose 7.6 percent to a seasonally adjusted annual rate of 369,000 units in May 2012, according to newly released data from HUD and the U.S. Census Bureau.

“The relatively strong increase in new-home sales this May is an indication that more potential home buyers are being drawn to the market by today’s excellent mortgage rates as well as firming conditions in some local economies,” said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “In addition, more people are recognizing the benefits that new homes can provide beyond what’s available in the existing housing stock in terms of energy efficiency, updated technology and other features.”

Regionally, the Northeast and South posted solid gains of 36.7 percent and 12.7 percent, respectively, the Midwest and West posted respective declines of 10.6 percent and 3.5 percent.

The inventory of new homes for sale was almost unchanged at a level of 145,000 units in May, reflecting a historically slim, 4.7-month supply at the current sales pace.  

Source: National Association of Homebuilders (NAHB)

Brian Fisher of Standard Pacific Homes at Byers Creek agrees with Rutenburg: “We see customers who want the modern desing and energy efficiency our homes provide.   As an added benefit, our homes are tested by a third party company to certify that they are Energy Star Qualified Homes®.  We’ve also incorporated new design features like entry launches, more open and expansive kitchens with large islands as well as flex spaces that can be built as a study, guest suite, formal dining room or play area.  Convenience features such as the Taexx ® built-in pest control system and a free Dwelling Live® account are also big draws for our customers.”  Another benefit to new homes are builder incentives.  “We offer price incentives that individual sellers usually don’t offer.  We also include closing cost assistance with the use of our lender, saving our buyers thousands out of pocket compared to most used homes.  Having an in house lender is also a benefit for the customer as we go that extra mile to do everything we can to help our customers purchase their new home with programs like our Destination Home  program.”

The Edison model home at Byers Creek:

Beautiful open kitchen with large island and plenty of natural light.

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