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March 20th, 2008 2:30 PM by David W. Welch
According to Metrostudy the inventory of new single family homes under construction and completed inventory totaled 8,732 units which is down considerably from a year ago. That number represents a 6.5 month supply based upon current sales. The 4th quarter is usually the slowest of the year, so hopefully things will pick up. If builders can get that inventory down to half that number by summer, we should see a real pick up in resales. Much of the feedback I am getting from agents showing my listings is the buyers are going for new homes because of the incentives. I have customers under contract with a builder that came off his price 10% to get the deal done. My customers are purchasing a brand new home for less than some of the re-sales on the market right now.