Completed & Unsold New-Home Units Accumulating As Builders Have Trouble Unloading Inventory

The New York Times reports:

• THE prices are coming down, but new homes in the United States are still not selling, and some of them are getting old while waiting for a buyer. [...] It appears that many of the homes now being sold — and there were 51,000 sold in the month, the lowest for any March since 1991 — are coming from the supply of homes that are still being built or are newly completed. The median age of completed new homes on the market has risen to 7.4 months. Only four months ago, that figure was six months.

For more, see New Homes Turning Old as the Inventory Piles Up.