The media is buzzing with good news for New Home Sales. Even with increasing mortgage rates, the pace of new home sales has continued to grow. An 8.3% increase was posted in June, the highest level recorded since May 2008. Single family home sales are 38.1% higher than they were only a year ago in June 2012.
According to a Reuters article published by the New York Times, positive new home sales along with increased factory activity may point to third quarter economic growth.
With low inventories of new homes pushing prices higher, still-low mortgage interest rates and an improving economy, buyers looking for the best values are jumping into the market.
Additional article: Reuters: New home sales hit five-year high, prices soar