Great News On The New Home Sales Front
October 27th, 2008 • Related • Filed Under
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And it is not that new home sales are up 2.7 percent in September. It is that the inventory of new homes is declining. The less homes on the market the better for both home sellers and home builders. Inventory is our demon, not price.
The number of new homes for sale shrank to 394,000 units in September, down from 425,000 units in August. At the current sales pace, there was a 10.4 months’ supply of unsold new units on the market, versus an 11.4 months’ supply in August. Meanwhile, the median number of months that completed new homes have been on the market moved up to 9.1 - a new record. via NAHB news release
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Comment by Property Qwest Blog - Real Estate News and Housing Data on 27 October 2008:
I couldn’t agree more. Getting the inventory down will help to stabilize and ultimately bolster housing prices. I had the same sentiments regarding the housing starts and building permit numbers released about ten days ago. These numbers were off significantly too and will undoubtedly help with these outrageously high inventory levels.