“New home sales showed growing strength in 2016 and builders expect more of the same next year,” said Ed Brady, chairman of the National Association of Home Builders (NAHB). “A key to continued growth in 2017 will be to ensure that prospective, qualified first-time home buyers have access to affordable home loans.”
NAHB Chief Economist Robert Dietz said the organization “expects an increase in single-family home construction” in 2017, “fueled by a growing economy and solid job growth.”
“Moreover, builder confidence has risen on anticipation of reductions in regulatory costs, which is good news for home buyers and renters. However, the pace of construction will continue to be restricted by shortages of lots and labor in some markets.”
Regionally, new home sales increased 43.8 percent in the Midwest and 7.7 percent in the West. Sales were unchanged in the Northeast and fell 3.1 percent in the South.
Source: National Association of Home Builders (December 2016)