Number of closings outpace starts; builders pull back to prevent glut of homes on market

By M.B. Taboada
AMERICAN-STATESMAN STAFF
Tuesday, April 01, 2008

Austin-area builders continue to cut back on the construction of homes, with first-quarter starts falling to their lowest levels since 2003.

Starts for new homes declined 33 percent to 2,271, compared with first quarter of 2007, according to the latest report from Residential Strategies Inc., which tracks real estate trends.

The number of new-home closings dropped 24 percent to 3,125. But the number of closings exceeded the number of homes being started, helping to prevent a glut of unsold new homes on the market.

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