Uh huh, just like I said a couple of weeks ago, I expected this!
Units sold for October are UP from September. With the exception of December 2003 from years 2003-2006 we see a seasonal adjustment DOWN from month to month units sold September through December. Is this splendid news or what? The builders have stimulated the local real estate industry by their major cuts they did! I am very interested in watching where this bus is headed over the next several months. Units sold no where near past years BUT hopefully the trend is changing.
Of course there is a downside, we will see more short sales in an already soaked short sale inventory market as resales cannot compete with these prices. The quicker they get rid of this inventory and sell out 6-10 month builds, the quicker prices will start rising.
New Construction Units Sold:
- October 2007: 2752
- September 2007: 2669
- October 2006: 3292 <~still a long way to go to hit anywhere close to this number but this market certainly bears a watchful eyeball!
