JRE - New Houses For Sale Inventories Highest Since 2008 Worst Construction Costs Spike In ~50 Years

• The index for construction costs of single-family houses spiked 15.3% in November compared to a year ago, the worst year-over-year spike in the data going back to 1970, and by 21.1% compared to November two years ago.
• There is enough demand to allow builders to pass on cost increases to buyers: the median price of single-family houses sold in November spiked 18.8% year-over-year and by 27.1% from two years ago to $416,900.
• Inventory of single-family houses for sale at all stages of construction combined has been persistently rising for months and hit the highest level since August 2008.

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