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.
Stay up to date on the latest real estate trends.
December 26, 2024
If someone asked you which option would make for the most pleasant train ride possible which would you choose—spending your commute keeping to yourself or striking up … Read more
December 26, 2024
The total share of mortgages in forbearance increased to 0.50% in November, up from 0.47% in October.
December 26, 2024
There’s no doubt that owning a home comes with significant financial benefits.
December 25, 2024
Have you ever thought about packing up and moving to be closer to the people who mean the most to you?
December 25, 2024
Building equity in your house is one of the biggest financial advantages of homeownership.
December 25, 2024
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today