November 21, 2024 12:18 pm
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Sales of unbuilt homes hover near a 10-year high

GettyBy Brenna Swanson | HousingWire

The latest new home sales report presents a more positive forecast on the future of today’s current inventory crisis after several industry reports give strong concerns over the market’s daunting lack of inventory.

In Trulia Chief Economist Ralph McLaughlin’s analysis of Wednesday’s new home sales report, he explained that the share of new home sales not started, in other words homes purchased off a plan, hovers near a 10-year high.

“Why? The inventory of existing homes continues to fall. Low existing inventory likely pushes prospective buyers away from existing homes towards new homes, and as new home sales rise, this allows builders to sell more new homes off plan,” McLaughlin said.

Continued:

 

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