The LVRJ summarizes September numbers, and one encouraging thing to focus on is the difference between units sold and units built. To begin with, total sales not only included the 3125 resales we’ve commented on before, but also 976 new home sales, for a total of 4,101.
The article also mentions that 461 permits were pulled for new houses that month. That means that for every house that was started, 9 houses were sold.
That’s an encouraging ratio. As months go by, that’s eating into the backlog of vacant homes for sale.