Inventory of New Single-Family Homes for Sale Highest since 2007, amid Record Pile-up in the South, as Sales Drop: Homebuilders Face a Tough Market

Inventory of New Single-Family Homes for Sale Highest since 2007, amid Record Pile-up in the South, as Sales Drop: Homebuilders Face a Tough Market

Lennar’s average sales price drops to lowest since Q2 2020, gives up entire 2020-2022 price explosion. Homeowners wanting to sell have no idea what they’re up against.

Inventory of New Single-Family Homes for Sale Highest Since 2007, Amid Record Pile-Up in the South, as Sales Drop: Homebuilders Face a Tough Market

by Wolf Richter Wolf Street Lennar’s average sales price drops to lowest since Q2 2020, gives up entire 2020-2022 price explosion. Homeowners wanting to sell have no idea what they’re up against. New single-family homes for sale at all stages of construction rose to 502,000 homes in May, the highest since November 2007, when inventory was on the way down during the Housing Bust. Inventory has been above 490,000 for the seventh month in a row, al…