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New Construction Accounts For One-Third Of Listed Single-Family Homes

WRE News August 20, 2023

Buyer

New Construction Accounts For One-Third Of Listed Single-Family Homes

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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New Construction Accounts For One-Third Of Listed Single-Family Homes

Recent Blog Posts

Researchers Have Followed Over 700 People Since 1938 To Find The Keys To Happiness. Here’s What They Discovered

Mortgage Forbearance Level Inches Up

The Personal Joys of Having a Home To Call Your Own

The #1 Reason People Move: To Be Closer to Family and Friends

How Home Equity May Help You Buy Your Next Home in Cash

Palo Alto Orchards Neighborhood

We are Your GPS to Success Let’s Get Started

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