Builders Take Bigger Hit Than Other Homesellers

In June of 2008, 114 homes on less than an acre were reported sold in Bend. This was down 25% from the 152 sold a year earlier. But it was new homes that saw the biggest slowdown in activity; sales of newly built houses were down 47% in June while existing home sales decreased by a relatively modest 16%.

And where new home sales accounted for 3 of every 10 houses sold in June '07, one year later that number was down to 2 in 10.

And finally, the number of standing spec houses for sale (newly built but yet to be sold) continues to shrink as many have been sold and builders pull back from building more.

While not meaning to imply that we're out of the woods just yet, I think this is on more sign that we are slowly making our way through this challenging market environment.