Chart of the Day: Residential supply outstrips demand
The number of launched but unsold units reached 8,245 in May.
Savills Research reported:
From January to May 2012, about 2,500 units were launched per month. A total of 14,272 new homes (including ECs) were launched this year, a five-month record. This number has also surpassed the total launched for the full year prior to 2010.
As supply outstripped demand, the number of launched but unsold units picked-up, reaching an historical high of 8,245 units (including 933 ECs) in May. With more projects planned for launch in the second half of this year, the number of launched but unsold units is poised to hit a record high in 2012.