Home Sales on the Move in Myrtle Beach

In May, the housing market received excellent news! The government reported that sales of new homes rose 7.6%! The sales hit an annual rate of 369,000, according to the Census Bureau, compared with the revised April rate of 343,000. According to Briefing.com, the sales spike exceeded expectations and economists had forecasts of sales rate of 350,000 new homes. The uptick in home sales was in line with other recent positive reports in the housing market. In May, home builders applied for permits to build new homes at the highest rate since September 2008. Robert Dietz, an economist for the National Association of Home Builders, stated that “This improvement indicates that 2012 will be a year of gradual growth for new homes…it also means that we’ve seen the end of inventory that’s climber over the last couple of years.”