Pace of Sales Increases While Starts Decrease :: Atlanta Real Estate Forum

Pace of Sales Increases While Starts Decrease

From an NAHB press release:

Builders continued to reduce the pace of new-home construction in March amidst ongoing erosion in the overall economy and credit markets, according to the latest figures released today by the U.S. Commerce Department. Total housing starts fell nearly 12 percent to a seasonally adjusted annual rate of 947,000 units for the month, while single-family starts fell 5.7 percent to a rate of 680,000 units.

“The Senate has done a fine job already in moving forward with beneficial legislation, and we applaud its efforts to this point,” stated NAHB president Sandy Dunn. “We urge the House to do the same thing and quickly advance a bill that can be reconciled with the Senate’s version and promptly sent to the President’s desk. Now is the time, during the spring home buying season, to implement measures that will have the greatest positive effect on housing and the economy.”

“It stands to reason that incentives such as a temporary home buyer tax credit and improvements to the housing finance system would help boost consumer confidence in the market and have a significant stimulative effect that could arrest housing’s heavy drag on economic growth. Such measures, combined with the Federal Reserve’s aggressive moves to lower interest rates and improve the functioning of financial markets, definitely would have substantial beneficial effects on the overall economy,” said NAHB Chief Economist David Seiders.

Atlanta Real Estate inventory is absorbing.  Now is the time to buy!

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