Housing inventory low, nationally

Not so here in Greenwich, but apparently that’s the case in other parts of the country.

The market is now heading into a traditionally weak period for inventory, indicating the month’s supply may drop to the 5 month area in the period from December to February,Lawrence Yun, NAR chief economist, said in a news conference as the figures were released.

“Certainly we have broken out of the slump,” Yun said. “Prices are now showing an accelerating trend, this is a reflection of low inventory. Builders need to increase production.”

But then there’s this: new homes are being built at a far faster rate than buyers are buying them. It would seem that the builders are listening to the NAR’s Mr. Yun while buyers aren’t. Get ready for the next cycle of bankruptcies but really, anyone who bases a business or buying decision on propaganda from the NAR pretty much deserves what he gets.

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One response to “Housing inventory low, nationally

  1. One of your commenters a couple of weeks ago said she/he noticed tons of building. I do too, both in RI and Bedford. Some people are doing major additions/alterations. Others building from scratch. We’re doing both ourselves, the contractors we interviewed before hiring were all anxious for steady work and therefore willing to sharpen pencils. It’s a good time for homeowners, not to take advantage, but to get real value for work done, not hosed, like the glory years for builders.

    Maybe Westchesterer (who I think said he is a builder) could shed some light on how busy he is.