HIA Reports Notable Rise in New Home Sales in Early 2024 

The Housing Industry Association (HIA) has released promising data from its New Home Sales report, indicating an 11.1 percent increase in new home sales over the three months to July 2024 compared to the same period last year. Maurice Tapang, HIA Economist, elaborated on these findings, highlighting the fluctuating yet overall positive trend.

“New home sales fell back marginally by 4.1 percent in July, but the sales this year remained stronger than at the same time in the previous year,” noted Tapang. “This aligns with our expectations that detached home building will pick up pace in the second half of 2024.”