New home sales have been accelerating and now exceed a rate of 0.6 million. Sales of previously occupied homes are around a rate of 5.6 million. The relative share of home sales that are new remains well below the 1990 to 2008 trend.
Total housing inventory is around 2.2 million, of which 0.3 million are new and 1.9 million are existing. At current sales rates, there are 5.1 months supply of new homes and 4.1 months supply of existing homes available for sale.
Homes are being sold extremely quickly, with the median new home on the market for only 3.4 months, near historic lows.