New Home Sales Fall for the Third Straight Month in the U.S.
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New home sales fell 0.7 percent in July to a 298,000-unit pace. Most of the drop was in sales of homes priced between $400,000 and $750,000. Sales increased for homes priced below $150,000 and above $750,000.
One of the statistics you need to look at is “Inventory of New Homes for Sale”. Currently that is at 164,000 units. Historically, that is at 300,000.
Read my July 29, 2008 Blog Post. In there, I reported that the “Inventory of New Homes for Sales” peaked in July 2006 at 572,000 homes.
The floodgates will open, I’m guessing two more years…2013 should be buuusssssyyyy for contractors looking to build new homes…till then, shingling, remodeling, additions, decks and porches.
