Sales of homes in the US have soared since the end of 2016 and are expected to hit a record of almost 1.6 million units this year, according to real estate sales data provider CoreLogic.
This is up nearly 10% from 2016.
CoreLogis report shows that the pace of home sales is up more than 15% over the same period last year.
In a report released Wednesday, CoreLogi found that the number of new listings for new homes in April rose 3.5% from a year earlier, to 1,095,000 units.
That’s up from 1,062,000 in March and 2,085,200 in February.
That pace of sales is on track to eclipse 1 million new units for the first time, CoreData said.
“We expect the pace to keep rising and that new homes will soon be available for sale at a pace far greater than the 2.6-million new units per month we saw a year ago,” CoreLogica CEO Mark Williams said in a statement.
CoreData’s report also showed that the average selling price of new home units in the first quarter of this year is $2,068,000, up from $2 and $2.5 million in the same quarter last year, respectively.
The average selling prices of existing homes are up 1.9% from last year to $1,836,000.
The CoreLogia report found that average price increases for new properties are even higher: Up to 2.5%.
CoreLogics report comes as the Trump administration is reviewing the Federal Housing Administration’s approval process for new home purchases.
A number of Trump administration officials have voiced concerns that the approval process, which has not yet begun, could slow down the process of home purchases by people who previously owned homes.