Market for new single-family homes to recover by 2015

Real estate advisory firm the Concord Group says the market for newly built single-family homes will recover by 2015. The group reports that average prices for single-family new homes nationwide have slid 18 percent from a year ago, and sales volume has plunged 66 percent from 2005. Total inventory of potential new homes is estimated to top 2 million units, including standing inventory, finished and ready-to-go sites, and newly built homes in the foreclosure process. Demand for new homes is expected to increase gradually over the next two to three years, and Concord projects a boost in new land development activity later this year.