New home analyst, the Gregory Group of Folsom is reporting that new home builders have shut down 10 percent of the regions new home projects.  Those closures removed approximately 2800 potential home sites from the market- a likely factor in reducing new home inventories by approximately 31%.  This is the first significant drop in inventory levels since the fall of 2005.  The Gregory Group found that since June, companies have halted sales in 34 of the region’s 370 new home communities.  New home builder’s have finally started to heed their own advice about the need to start restricting the new home supply to spur the market recovery.

Steve Siegel, Coldwell Banker
Email: steve.siegel@cbnorcal.com
mobile: 916.212.5066
www.teamstevehomes.com
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