Jun
10

New Home Inventories Continue to Shrink in April

By
– National Association of Home Builders

The number of newly built single-family homes on the market shrank 4.2% to 297,000 units in April, thinning supplies to their lowest level since May 2001, according to figures released by the Commerce Department on May 28. The report noted that April’s pace of new-home sales held virtually even with the previous month, at a seasonally adjusted annual rate of 352,000 units.

“The fact that the new-homes inventory is now below the 300,000 mark shows that builders have made substantial progress in winnowing down their backlogs to a much more comfortable level,” noted NAHB Chairman Joe Robson.

April was the 24th consecutive month in which the number of unsold new homes declined.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.nbnnews.com/NBN/issues/2009-06-08/Economics+&+Finance/index.html
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