Sales of new homes in the U.S. registered their highest level in eight years, reported Bloomberg.
Since 2008, sales grew 16.6 percent to reach 619,000 annualized rate. The median selling price for new homes also rose, up 9.7 percent to reach $321,100, a record high.
“The outlook for housing is very strong for the remainder of the year, even with the prospect for modestly higher interest rates and relatively modest pace of economic expansion,” said senior economist at Ameriprise Financial Inc., Russell Price, in an interview with Bloomberg.
The news source related the growth to strong employment gains across the country and lower borrowing costs.
The news comes as the Associated General Contractors of America releases its findings that 42 states and Washington, D.C. added jobs between April 2015 and April 2016, reported Construction Equipment Guide.
California added the most jobs over the year, gaining almost 50,000 new positions. Hawaii added the highest percentage of new jobs between April 2015 and April 2016, creating 18.4 percent more positions. Florida, Massachusetts and Georgia also posted significant construction employment gains.
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