The number of new homes continues to slide in sales. The sales continue to slow and there were under 300 thousand new homes sold. The housing market is in trouble and will likely continue to be for the near term as well.
The new home sales are falling and the inventory is not being replaced. Builders are not building much during this time when so many homes are distressed and providing huge savings to the buyers and making up almost one third of the housing sales.
The current inventory will take a bit more then 6 months to sell out with the current demand and sales. That is a very short amount of inventory but with the distressed homes providing such discounts it makes it very difficult for builders to want to take the risks right now.
If you are looking to take advantage of the buyers market know that interest rates are providing an improvement in your purchase power. If you have any questions call toll free for your free consultation (866) 825-6261.