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Inventory of New Homes Continues Falling

housingwire creditAs nationalmortgagenews informs MHProNews, new home listings fell in April 1.1 percent, says real estate brokerage Redfin, the first year-over-year loss since Aug. 2014. Noting the steepest declines were in the Northeast, Redfin says nearly two-thirds of the markets it follows had fewer listings during the month than a year ago. Listings in Boston, Philadelphia and New York dropped over ten percent.

A slowdown in new listings reflects a lack of confidence on the part of the homeowner that they can find a desirable home to purchase,” Redfin chief economist Nela Richardson said in a news release Thursday. “This triggers a domino effect down the supply chain that leads to lower sales in tight markets.”

Bidding wars were nearly the norm in Portland, OR and Seattle, where half of all new listings sold in eight days or less, the fastest in the nation. Of offers written by Redfin in Seattle, 77.9% of them faced competition, setting a new record. In Portland, the rate was 68.5.

Meanwhile, nationwide inventory of new homes on the market continues to fall, now for the seventh consecutive month, -3.2 percent; home prices rose 4.8 percent in April; and new home sales increased 2.5 percent. also in April.

The median sale price rose 17.6 percent to $226,000 in Providence, RI, giving it the highest price growth, while Memphis and Nashville, TN had the highest sales growth, 32.6 percent and 31.1 percent, respectively. ##

(Image credit: housingwire–inventory of homes for sale falls)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

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