New home net sales kept sputtering along as all parties try to adapt to new reality.

Our Weekly Traffic & Sales Watch reported another relatively poor week for new home net sales.  While we did see a total over 100, the levels are still in a place not seen since the onset of the pandemic.  As we stated last week, the market is now on pace for the slowest July since 2011.  Rising inventory has been one of a number of "hot topics" over the past few weeks.  On the new home side our report tracks the number of "Unsold Standing Inventory" homes in each active community.  We define these as homes that are 30 days or less from the certificate of occupancy (in a normal market).  This is a number we began tracking as a response to client demand during the 2007-2008 housing "situation".  The graph below shows the history of this data point going back to that point and is another reminder that today's market climate is no where near what was going on back then.  

We reported one new community this week, Falcon Crest by Woodside Homes.  It is located in Summerlin and features 100 lots and base prices around $700,000. 

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