Orlando's inventory of new subdivision housing falls
As people continued moving into new homes faster than builders were erecting
them, Metro Orlando's inventory of new subdivision housing fell again during
the second quarter, according to a closely watched survey released Tuesday.
The report by Metrostudy found 3,646 finished-but-vacant single-family homes
in the four-county metro area, down from 5,560 last year at the same time.
The area's total inventory, which includes homes under construction and
model units, was down 39 percent from a year earlier to 7,033, or a
7.1-month supply. A market is generally considered to be in balance when the
pace of sales and the number of units available combine for a six-month
supply.
New-home starts in Orange, Seminole, Osceola and Lake counties totaled 1,701
during the second quarter ... 12 percent higher than the number of
first-quarter starts, a sign that builders were anticipating an increase in
demand, Metrostudy reported.
A separate new-home market report, released this week by Charles Wayne
Consulting Inc. of Maitland, provided additional evidence to suggest that a
turnaround could be under way.
Jim Lewis, president of the real estate research company, said in his
report, "It now appears that the worst of the housing construction slowdown
may be behind us."
Posted: 30 July 2008
Source: Orlando Business Journal
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