Housing Market Research Brief
Homebuyers Still Endure Considerable Barriers Despite a Jump in New Inventory
New home listings elevate, but dynamics tell a different story. In the month of October, the number of new homes available for purchase soared to a height last witnessed in late 2008 as the market adjusted to the housing bubble. Nonetheless, the for-sale count is enlarged by houses still in planning phases, masking the nature of the current environment. The underlying metrics paint a clearer picture of the state of the marketplace and reveal a divide between buyers desiring move-in-ready homes and a lack of listings meeting that criteria. In October, less than 10 percent of new homes for-sale were completed upon being listed, while only 25 percent of new homes sold during that month were fully built.