It was a seller's market for new single-family homes last month. Despite slightly higher mortgage rates, HUD and the U.S. Census Bureau report that sales jumped 8.3%. That's the greatest increase the nation has seen in the past five years.
Why the sudden sales boost? The National Association of Home Builders (NAHB) explains that the decreasing number of available properties as well as firming prices and local economic improvement have prompted buyers to take action.
As for the number of newly built properties for sale, that figure fell to 161,000--the lowest supply since 2004. However, the NAHB predicts incremental increases in sales through the end of the year.