New construction housing starts were down again nationwide during the month of August, at their lowest point since 1991.
The Commerce Department reported that new home starts were down 6.2% from July, and down 33% from the previous year. New homes sales have slowed quite a bit in the Tucson area as well. When comparing local new homes sales to the previous year, inventory homes aren't selling like they have in the past. Within the last six months only 65 new construction "spec" homes have sold in NW Tucson, compared to 248 "spec" homes that sold during the same period last year. A friend of mine who works as a Pulte sales rep told me that she has not sold a home all summer. She's usually very upbeat and positive but I can tell she's really concerned about the market and where it's heading. The builder continues to lower their home prices, hoping to draw in more buyers. Unfortunately the buyers just aren't coming in. As we move into the busy season for Tucson real estate, everyone's hoping that the low prices and high inventory will get our housing market moving.
The Commerce Department reported that new home starts were down 6.2% from July, and down 33% from the previous year. New homes sales have slowed quite a bit in the Tucson area as well. When comparing local new homes sales to the previous year, inventory homes aren't selling like they have in the past. Within the last six months only 65 new construction "spec" homes have sold in NW Tucson, compared to 248 "spec" homes that sold during the same period last year. A friend of mine who works as a Pulte sales rep told me that she has not sold a home all summer. She's usually very upbeat and positive but I can tell she's really concerned about the market and where it's heading. The builder continues to lower their home prices, hoping to draw in more buyers. Unfortunately the buyers just aren't coming in. As we move into the busy season for Tucson real estate, everyone's hoping that the low prices and high inventory will get our housing market moving.
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