Highest Inventory of New US Homes Since 2008 Threatens Building
- Rising inventories come amid slowdown in new construction
- Housing is set to drag on US economy again in second quarter
Homes under construction in Virginia.
Photographer: Nathan Howard/BloombergThis article is for subscribers only.
The inventory of new US homes stands at the highest since the bursting of the housing bubble more than a decade ago, raising the risk that builders will dial back production in a market longing for cheaper borrowing costs.
The total number of one-family homes for sale rose to 481,000 in May, the highest since 2008, according to fresh government data released Wednesday. Nearly 100,000 of those have already been completed and are still awaiting a buyer, the most in more than 14 years.