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Memphis & Shelby County New Housing Inventory Lowest Since 2011

April 29th, 2014

New housing was off to a slow start for the first quarter of the year. New home permits and new home sales were both down while dwindling new housing inventory and the decreasing availability of lots is causing new home sales prices to increase.

Builders pulled 189 new home permits compared to 233 in the first quarter of 2013, a decrease of 19%. New home sales were down slightly for the quarter with 181 new home sales recorded compared to 184 in Q1 2013.

Based on the total number of new home closings in the past 12 months, the 812 homes currently in unsold inventory account for 10.6 months of supply. The last time that inventory levels were this low was in the 4th quarter of 2011.

Click here to download our Q1 2014 New Housing Analysis & Charts for a summary of new housing activity by the most active zip codes. Review new housing data by subdivision including: platted lots, vacant lots, houses in inventory, 1st quarter starts, 1st quarter closings and average sales price.


New Housing Inventory Analysis & Charts - Shelby County


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