Yes… this headline looks like bad news, and for the home builders it is. The slowdown in home construction impacts jobs and limits the choices for home buyers. But… the good news is that builders are not building homes that they can’t sell. A glut of inventory does not help anyone. I think the Home Builders in Albuquerque and Rio Rancho have done a good job adjusting to the real estate market and not “over building”. The numbers just reflect the realities on the market. We have also seen a trend with builders adding smaller, more affordable homes to their line-ups.
One thing I have noticed is that resale home prices are more attractive than the new construction in many cases. Many of the resale homes on the market today could not be built for the prices they are selling for.
Housing permits hit 12 month low in Sept. - New Mexico Business Weekly:: "Pulte Home's Loma Colorado community in Rio Rancho was the most active of the 55 residential subdivisions under construction. There were nine permits pulled for Loma Colorado."
Visit our Rio Rancho NM Real Estate website for Albuquerque area homes search and listings.
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