Estimates from the Census Bureau and HUD indicate that on a non-seasonally adjusted basis the inventory of for-sale newly built homes stood at 206,000 in August, a slight increase from the July estimate of 202,000. These numbers counter claims made last week that home builders are constructing new homes faster than they can be occupied; single-family construction is occurring at a pace about half of the normal, sustainable rate based on population growth and need to replace older housing.
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