There are Tons of Newly Built Homes – Just the Wrong Kind

Posted To: MND NewsWire

Ask anyone house hunting this spring, and they'll tell you there are far too few homes for sale. But, really, it's the price tags of the homes for sale that are the issue. It seems like a very simple fix. Not enough homes? Build more. Builders are doing that, but they're not building the right kind of homes. Builders say they are now targeting the millennial buyer — launching new, slightly lower-priced brands and stripping down the models — but clearly, it's not enough . The supply of existing homes for sale is near a record low, but the supply of newly built homes for sale just jumped dramatically, returning to its 30-year average. The chasm between the two is all about prices. "There was a big drop in the number of sales for [newly built] homes priced above $500,000 to the lowest...(read more)

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from Mortgage News Daily http://ift.tt/2rdUdgg