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I am not sure that calculation is correct. There are 4,338 homes in current inventory and there were 588 sales. This would be like 7.5 months of inventory. Unless the 15,139 homes planned for construction are for pre-sale right now, these cannot be counted as inventory. It may take years for these homes to be built so even with slowing sales the months of inventory could be kept low.
bubble_contagion does have a point. the 25 months is coming from 15,139/588. and yes, these are future phases, not current already build homes.
but, I do believe the 15,139 may represent the amount of homes builders already commit to and can’t back out on, ie, they already started on the project and the land already transferred from developer to builder. If this is true, then we are looking at MUST BUILD inventory.