New Construction Accounts For One-Third Of Listed Single-Family Homes
WRE News August 20, 2023
Buyer
WRE News August 20, 2023
Buyer
Newly built homes accounted for roughly one-third (31.4%) of single-family homes on the market in the second quarter, according to a study from Redfin (NASDAQ: RDFN). This is the highest share for any second quarter since Redfin began tracking data.
The portion of new homes within the total inventory is up from 30.3% one year ago and nearly double the pre-pandemic share of about 17% in the second quarter of 2019. However, the second quarter level is also down from a near-record-high of 33.6% the previous quarter. And this development coincides with the 15% year-over-year decline in total inventory to an all-time low in June.
Newly built homes made up more than half (52%) of single-family homes for sale in El Paso, Texas, the biggest share of the metros tracked by Redfin, while Honolulu had the smallest percentage of new construction at 2.8%. The largest upswing in new homes occurred in Tulsa – 33% of the single-family inventory, compared to 20% a year earlier. On the flip side, Boise saw the greatest decline in new construction, from 49% in the second quarter of 2022 to 38.3% in this year’s second quarter.
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