"Concerns about rising interest rates and construction costs have been offset by low unemployment and increasing wages, combined with short supply based on years of underproduction of new homes,” according to Lennar Corp. Executive Chairman Stuart Miller.
U.S. Commerce Department data released Monday appears to confirm new home construction business outlook is improving: May purchases of newly built single-family homes rose 6.7% from a month earlier, or 14.1% from a year ago.