WASHINGTON, D.C. – June 24, 2011 – (RealEstateRama) — Sales of newly built, single-family homes declined 2.1 percent to a seasonally adjusted annual rate of 319,000 units in May, according to figures released by the U.S. Commerce Department today. The decline only partially offsets a larger gain that was registered in April.”Today’s report indicates that new-home sales are holding fairly steady at a relatively low rate, with both April and May sales numbers running above the first-quarter average,” noted Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev. “In view of the slow progress of economic recovery and the challenges builders continue to face with regard to rising materials prices, access to construction credit, competition from foreclosed homes and inaccurate appraisals, the averages for the last two months combined represent some very slow improvement which should continue as expected economic gains boost consumer confidence.”
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