According to the National Association of Home Builders (NAHB), newly released figures form the U.S. Census Bureau and HUD for January 2013 showed sales of new single family homes to have increased by 15.6% to a seasonally adjusted rate of 437,000 units.
The data showed that new home sales registered substantial gains across every region in January, with the Northeast posting a 27.6% increase, the Midwest posting an 11.1% gain, the South posting a 3.2% increase, and the West posting a 45.3% gain.
With the current sales pace being the fastest seen since July of 2008, January’s inventory levels of new homes for sale fell to their lowest point in nearly 8 years.
Rick Judson, chairman of the NAHB and a home builder of Charlotte, N.C., said that, “The surge in demand for new homes in January is an excellent sign that the housing recovery is gaining steam and helping put more people back to work.”
Judson went on to say that, due to the continuous increase in home prices, more prospective buyers are leaving their place on the fence and are choosing to purchase new homes for sale before prices rise higher.