Unfinished Houses for Sale Pile Up, Total Inventory Highest since 2008, amid Material Shortages & Worst Spike in Construction Costs since 1979

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Sales of new single-family houses fall 24% from a year ago. The lower end has died. By Wolf Richter for WOLF STREET. Sales of new single-family houses in August were down by 24.3% from August last year, to a seasonally adjusted annual rate of 740,000 houses, according to the Census Bureau this morning. Sales of single-family houses remain far below their peak during the years of 2002 through 2007, in part due to the large-scale construction boom since then in multi-family buildings, such as condo towers and apartment towers: Ballooning inventories: A record 95% of the houses for sale are either not started or unfinished, as total inventory piles up. Homebuilders are complaining about material shortages and labor shortages and surging costs and all kinds of other issues that prevent them from starting construction or completing construction. The number of: Not-started houses for sale jumped to 105,000 (up from 60,000 in August 2019); Under-construction houses for sa
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