The number of unsold homes rose to a 6.5-month supply at the July sales pace, the highest since November 1995, up 55% from a year earlier and the highest months’ supply since 1995. .
While month-over-month level of unsold new homes fell, the pace of decline over this time last year is much more dramatic at nearly 22 percent. One aspect of the slowdown in new home sales may be that the inflation rate has slowed, making single-family homes a less attractive investment. Â
A number of economists said the market for new homes may be in worse shape than the government’s figures show because they don’t take into account rising cancellations reported by many home builders in recent weeks. “This was probably an even weaker month than it looks,” says Michael Carliner, an economist with the National Association of Home Builders.     Â
If you are considering selling, there is NO SUBSTITUTE for my Three Decades of residential real estate sales experience! Bob Schwartz real estate broker. If you have a home out of San Diego, contact me for a FREE real estate referral to a local Crertified Residential Specialist in your area! This is certinally the time to Search the entire San Diego MLS, visit brokerforyou. We also have a newer downtown San Diego real estate site plus San Diego for sale by owner and Palermo condos downtown San Diego
Wow…the numbers really say it all!
But, just today on a San Diego local TV show, their financial guy said it was a really good time to buy! This guy should really stick to stocks, as it is plain he does not know the real estate market! But, than again, he could really just be dilusional!
Hi Bob:
My co-worker just turned me on to your great blog.
You must be the only Realtor in town to really tell it like it is!
Keep up the good work!
Joe P.
In 2005 most of the commenters on the real estate market were saying there’s no bubble and our mini boom would never end, this is a sure sign that an end is fast approaching.
Anna
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You are very smart….