"Sales of newly built homes rose briskly in July, and inventory fell to the lowest level on record, suggesting the housing market is showing continued signs of recovery and that builders may need to ramp up construction in the coming months."
This, according to Robbie Whelan of the Wall Street Journal. The article went on the state that builders sold an annually adjusted rate of 372,000 homes in July, up 26% from the same month last year. In addition, inventory of new home s fell to 142,000 units, the lowest level recorded since the government started tracking the figure in 1963.
A separate report showed that prices for previously owned homes rose 1.8% in the second quarter from the first, the biggest quarterly jump in more than six years. With existing home inventory dwindling in many markets, frustrated buyers are turning more and more to new home builders even though pricing may be higher.
Wednesday, January 23, 2013
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