U.S. New Home Inventory Surges to 2007 Levels Amidst Rising Prices and Slowing Sales
The US housing market is experiencing a significant increase in new home inventory, reaching levels not seen since 2007, especially in the South, with prices falling and sales declining. Homebuilders are reducing prices and incentives to stimulate demand amid a market correction, leading to lower profits and a glut of supply, contradicting the media's narrative of a housing shortage.