New Home Sales Show Unexpected Increase in October 2009
New Home Inventory at Lowest Level Since 1971
The US Department of Commerce released surprising statistics today regarding new home sales across the nation.
October 2009 showed a 6.2% increase in new home sales versus September 2009.
October 2009 new home sales were also up 5.1% from October 2008.
This is the sixth time new home sales have risen over the past seven months, according to reports.
Additionally, new home inventory is now at record low levels.
There were 239,000 new homes on the market nationally at the end of October 2009.
This is a 6.7 month supply at current new home sales levels.
Available new homes are at their lowest level since 1971, according to Michelle Meyer, an economist with Barclays Capital.
Many builders are shying away from "spec homes" that may sit on the market, and instead are focusing on "building to order."
Homebuyers in the Raleigh area are sometimes surprised to find little standing inventory, and to hear that most new homes are selling at 95-100% of asking price.
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