Dive summary:

• Last month, newly built single-family homes sold at an annual rate of 497,000, which was 8.3% above the pace in May and the highest sales rate in five years.
• Notwithstanding concerns expressed in some quarters that first-time buyers are being squeezed out of the market and that rising mortgage interest rates and home prices will stall the recovery, NAHB Chief Economist David Crowe said, “The takeaway from this report is that the housing recovery is solidly on track and isn’t going to be derailed by slightly higher mortgage rates.” 
• The Midwest, which had an 11.8% drop in sales, was alone among the NAHB's four national regions, with the others registering gains ranging from 10.9% to 18.5% and bringing inventory down to 3.9 months, figured at June's sales rate.

From the article:

"New-home buyers are returning to the market in larger numbers as firming prices, shrinking inventories of homes for sale and improving local economies convince them that now is the time to make their move," said Rick Judson, chairman of the National Association of Home Builders (NAHB)....