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The housing industry has proceeded at a red-hot pace for several years running. An all-time record was set in 1998, when 886,000 new-site single family homes were sold. That represented a 10{b582c6ed3cfd95ad948b05a522e9b0f124922c31f876a47bace36bf58a058ad5} gain from the robust total of 804,000 homes sold in 1997, and an 8.1{b582c6ed3cfd95ad948b05a522e9b0f124922c31f876a47bace36bf58a058ad5} rise from the prior record of 819,000 units in 1977. Single-family housing construction accounted for $48 million of the total $125 million generated in the industry.