Home buyers are finally getting some relief from the housing market’s inventory issues. For years now, there have been too few homes available for sale. That can make it difficult for buyers to find a house that fulfills their wishlist and fits their budget. Put simply, it’s frustrating. But recent data has shown the number of homes for sale is beginning to improve. And, according to newly released numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, that’s particularly true in the new home market. Their most recent new home sales report shows there were 457,000 new homes available for sale at the end of June. That represents a 9.3-month supply at the current sales rate. For comparison, there was only about a 4-month supply at the beginning of 2021. So what’s fueling the spike in available new homes? Well, partly, more new homes have been built. The other part, though, is fewer buyers. The report shows new home sales fell 8.1 percent in June and were 17.4 percent lower than last year at the same time. (source)
