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New Homes Purchases Overstated

OK, the Census Bureau counts a new home sale when a builder and purchaser sign a contract, not when the house is actually sold and money changes hands, so since homebuilder cancellation rates for October surged to 26% compared with only a 7.9% cancellation rate one year ago according to John Burns Real Estate Consulting, the “sales” numbers of new home construction in the US are likely overstated.

submitted by /u/24Robbers
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source https://www.reddit.com/r/RealEstate/comments/z47474/new_homes_purchases_overstated/
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