00:00 It's Benzinga and here's what's on the block.
00:02 Chronic shortage of existing and resale housing inventory means that home builders will be
00:06 in a strong position for years to come.
00:09 In August 2023, there were 46% fewer active home listings compared to August 2019.
00:15 The lack of resale inventory has pushed new home builders, biggest competitor, out of
00:19 the way.
00:20 Combined with price adjustments and incentives from builders, this helps new home sales increase
00:25 31% year-over-year according to Census data.
00:29 Strong demographic demand from millennials and Gen Z entering the market, combined with
00:33 little to no housing supply, means buyers will keep adjusting to higher mortgage rates
00:37 and sales will remain robust.
00:38 For all things money, visit Benzinga.com.
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