Source: Wall Street Journal (05/02/23) Friedman, Nicole
For today’s homebuyers, 1 out of 3 potential listings is new construction. Historically, new homes only make up 1 out of 10 for-sale listings.
NEW YORK – Home builders are enjoying stronger-than-expected business this spring due to the shortage of existing homes for sale and the recent fall in mortgage rates.
Newly built homes made up about one-third of single-family homes for sale in March, according to data from the Commerce Department and the National Association of Realtors – and the proportion of newly built homes reached nearly 35% in December, a record in data going back to mid-1982, and up from a historical norm of 10% to 20%.
