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Tight inventory supports demand for new construction

Seattle, Portland, San Francisco
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US new home sales posted a solid gain in May as some buyers rushed into the market in advance of the Fed’s June interest rate hike.Sales of newly built, single-family homes in May ↑ 10.7% MoM to 696K.Meanwhile, new home sales ↓ 10.6% in 2022 on a year-to-date basis.The months’ supply is at 7.7, ↑ 42.6% YoY, but existing home inventory remains very tight, supporting demand for new construction.

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