Earlier this week the National Association of Realtors released their numbers for existing home sales for February and to most people’s surprise, they were up. Unfortunately, that’s not the case for new home sales.

 

According to the Commerce Department, new home sales dropped 1.8% from January and were down nearly 30% from February 2007. This is the lowest level of sales for new homes in 13 years. 

 

Now in the third year of declining sales, the building industry is slowing construction of new homes and trying to concentrate on what home buyers are really looking for in today’s market. Many builders, both small and large, have had to close their doors altogether. In the end, the builders who are able to meet the current market’s needs will come out on top.