WASHINGTON, June 25 - Sales of newly built, single-family homes rose 7.6 percent to a seasonally adjusted annual rate of 369,000 units in May, 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."