With a dearth of existing homes on the market, builders have been ramping up production to meet buyer demand.
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Newly built single-family properties comprised a record share of homes on the market in the second quarter of the year, making up nearly one-third of housing inventory nationwide, according to new research from Redfin. New-home sales typically make up only about 10% of the market.
The National Association of REALTORS® predicts that new-home sales will rise 12.3% this year and 13.9% in 2024 as builders ramp up construction and offer more incentives to attract buyers. With the availability of existing homes at historical lows, more buyers are turning to the new-home market for greater choices. Many current homeowners remain unwilling to sell and trade in the low mortgage rate they secured a few years ago for today’s higher rates.
Regina Singh 714-883-5205 