Fresh data surrounding the city's
home construction market suggest the worst may be over.
A new Lubbock Land Co. survey shows the market is starting
to make a turn. At midyear 2006, there were 445 new homes
either under construction or sitting idle in inventory.
The company's latest data as of June 30 said there are
now 407 ready for sale. That's an 8.5 percent decrease.
It also suggest what many local experts already knew,
that speculative building, that is construction in anticipation
of sale, has slowed and unit absorption is coming into
play. LLC said there were 147 completed homes as of June
30. Six months ago, there were 168 - a 12.5 percent decrease.
Among other LLC findings: * The number of homes under
construction hasn't changed. There were 261 being built
at the end of 2006 - 260 as of June 30. * There was a
9.3-month supply of homes priced from $250,000 on up
at year end. LLC latest report now pegs that number at
7.78 months - a two-year low. * There have been 511 other
sales involving new homes in all price ranges since the
first of the year. The developer found South and Southwest
Lubbock the areas of choice among both builders and buyers.
The developer also found that of homes in inventory,
those priced under $100,000 remained in great demand.
There's less than an ideal three-month supply. Worst
off were new homes priced from $250,000 to $300,000,
where there is now an 8.64 month supply up from 6.29.
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