New home sales in New Bern and the surrounding areas are off by about 18% year over year from 2008. Because banks are now very conservative about making construction loans to builders for spec houses, the inventory of new homes is dropping but there is still over a years inventory of unsold homes.
My recommendation to builders is that unless you have a niche product do not build any spec homes. Let the inventory work it way down to 6-8 months supply.
On a positive note for buyers, you can get some good deals on new homes. And of coarse interest rates are extremely attractive.
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