New home sales last year soared to the highest level in a decade. In stark contrast to existing home sales, the inventory of new homes for sale was the highest in eight years.

The sale of newly built single-family houses for all of 2017 amounted to 608,000 properties — the strongest year since 2007 when the total was 775,000.

During 2016, the sale of new U.S. residential properties worked out to a downwardly revised 561,000 — at the time also the most new home sales since 2007.

Source: Mortgage Daily