Karen Arbutine & Associates

Supply of Newly Built Homes is Lowest Since 1992

Mon, Nov 02, 2009 at 1:40PM

With the current low price of homes, there is not much incentive for builders to start building new houses.  New  home inventories are very thin right now, so if you are looking to buy that brand-new McMansion it would be wise to act fast.  The current supply of new homes is the lowest it has been since 1992 and builders have little incentive to ramp up production and lenders are not willing to advance money for speculative building. Normally, short supply means higher prices, but with many consumers being hit with job losses and falling home equity, it  results in unwillingness to commit to buying.  In 2007 the  median new home size was 2,300 sq. feet.  In 2009 the home size shrunk to 2,090 sq. feet which is a significant decline.�

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