Home Inventories Match 15-Year Low By Tony Crescenzi About this article: New-home sales increased slightly in April to a 352,000 annual rate vs. a 351,000 rate in March. It was the sixth consecutive month below 400,000. The record high was 1.389 million in July 2005. Sales are stabilizing but near record lows. The most important metric within the sales report is the inventory data. The number of new homes for sale fell for a 24th straight month, falling 13,000 to 297,000, matching the lowest since February 1994, which was last reached in November 1997. The current level is below both the 25-year average of 355,000 and the 15-year average of 369,000. Inventories are falling because builders are severely under-building relative to population growth and household formation. I ask again, where will the country's 3 million additional inhabitants live when they enter the country this year? It is a simple fact of human existence that people need shelter.... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

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