While single family housing starts are up 6.7% year-to-date and single family permits are up 7.5% year-to-date, new home sales are up a staggering 24%! This means that what’s being built is changing.  Specifically relatively fewer custom homes and more spec homes are being built. To wit, first-time buyers accounted for 32% of existing home sales in May, their highest level in 32 months. First-time buyers may finally be returning.