Homebuyers and builders both had reason to celebrate during the first quarter of 1998. Continued low interest rates and rising affordability helped existing home sales reach 4,687,000, according to the May 1998 issue of U.S. Housing Market Conditions. March was the seventh consecutive month with new home sales of more than 800,000, breaking the all-time record. The homeownership rate for minority households hit an all-time high, increasing to 46.5 percent.

The outstanding performance of our Nation's economy is strengthening the housing sector. This is giving more families the opportunity to become homeowners, and is improving business and creating jobs.
-- Andrew Cuomo, Secretary of Housing and Urban Development

The May 1998 issue highlights the following regional trends:

• In the New England, New York/New Jersey, and the Mid-Atlantic regions, sales of existing homes in the first quarter of 1998 continued to gain momentum. Single-family building permits in the New England region were up a robust 18 percent. The report highlights Worcester, Massachusetts; Buffalo-Niagara Falls, New York; and Baltimore, Maryland.

• The Southeast/Caribbean experienced a healthy annual employment growth rate of 3.1 percent as sales markets continued to show strong activity. Birmingham, Alabama, is profiled.

• The Midwest added 450,000 new jobs over the last year. New building permits increased 16 percent over the same period in 1997, boosted by a mild winter and low mortgage rates. The issue features Grand Rapid-New Holland, Michigan.

• The Great Plains and Rocky Mountain regions continued to experience tight labor markets and low unemployment rates. Nebraska and North Dakota had the lowest unemployment rates in the Nation, at 1.9 and 2.3 percent. The report looks at conditions in St. Louis, Missouri, and Provo-Orem, Utah.

• Strong employment and population growth stimulated housing market activity throughout the Northwest. The region continues to grow faster than the national average. The May issue features Anchorage, Alaska.

• The Southwest and Pacific regions continued their strong job growth. In the first quarter of 1998, Houston and Dallas were in the top five most active residential construction markets. California led the Pacific region by generating nearly 500,000 new jobs. Los Angeles County, California, and Tulsa, Oklahoma, are profiled.