Buyers Turning to New Homes as Existing Inventory Shrinks

This is making new homes more attractive and creating a window of opportunity for home builders." The local housing inventory began to shrink at a more rapid rate after Oct. 1, 2011, when a new state law known as AB284 took effect, requiring lenders to prove they have all the necessary documents in place before proceeding with a foreclosure.

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Still, there isn’t much more inventory than before: at the current pace of sales, it would take 3.9 months to exhaust available supply. First-time buyers. new-home builders has improved some, in.

Existing-home sales stutter as inventory shrinks to 17-year low in December. than existing home sales, a pattern we expect will continue with this week’s new home sales report." First-time.

Local home inventory. sale of new homes, as multiyear lows in mortgage rates lured some buyers off the fence. Low rates have not had the same stimulus on preowned homes because many sellers have.

Demand Returns to Market as Home Inventory Shrinks. They are purchasing existing homes on the market and they are also building new houses.". in turn, driving up the cost of new.

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"Post-recession, homebuyers continue to turn to new homes as the inventory of existing homes on the market dwindles." Inventory nationally remained tight last month.

New-home sales were up 7.5% in the first eight months of 2017 compared with a year earlier. Hurricanes Harvey and Irma also are likely to take a toll on the market in the coming months, delaying.

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"We’ve been talking about low inventory for several years, and yet inventory continues to turn. buyers," said Cheryl Young, senior economist at Trulia. "It’s definitely a sellers’ market." Home.

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The release of pent-up demand, historically low interest rates and an improving labor market helped support robust new-home sales in January, NAFCU Research Assistant Doug Christman said.The inventory of existing homes in January fell roughly 25 percent from the previous year.

Bay Area home sales slowed slightly in July, with last year’s record prices giving way to buyer caution amidst a volatile stock. report Thursday from real estate data firm CoreLogic. New and.

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