Industry NewsMarkets & Economy

New home inventory dwindles

Supply of new homes down 40% from one year ago
Published on Nov 25, 2009

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by CareyBot

Sales of newly-constructed single-family homes rose 6.2 percent from September to October, to a seasonally adjusted annual rate of 430,000, the Census Bureau said today.

At that pace of sales -- a 5.1 percent increase from a year ago -- the 239,000 new homes on the market represented 6.7 months of supply, down from 7.4 months in September and 11.1 months a year ago. Analysts generally consider a 6-month supply of homes an even balance between supply and demand.