LAND

Unit sales so far this year are down by 16% compared to last year. Dollar sales are down 27%, with the median price decreasing 10%, and the average price down 13%. Although the very high building costs of the past few years may be moderating some, it still costs more to buy land and build than it does to buy an existing home. And the very long lead times to complete construction will also dampen buyer interest in land. However, with the inventory of homes and condos at the lowest levels in many years—and unlikely to increase much—building will make sense for some people.