One-Third of Houses For Sale Are Newly Built, Just Shy of the Record High
2024年5月20日 - 9:30PM
ビジネスワイヤ(英語)
Redfin reports the share of houses for sale
that are brand new is hovering at a level that’s nearly double the
pre-pandemic rate
(NASDAQ: RDFN) — One-third (33.4%) of single-family homes for
sale in the U.S. in the first quarter were newly built, essentially
unchanged from a year earlier but down from a record-high 34.5% two
years earlier. That is according to a new report from Redfin
(redfin.com), the technology-powered real estate brokerage.
The portion of housing supply that’s newly built is still
roughly double pre-pandemic levels.
Newly built homes have taken up an outsized portion of inventory
since the pandemic homebuying boom sent builders into overdrive.
There are two main reasons for that:
- Homebuilding has shot up. Construction of U.S. homes
soared at the start of the pandemic, with builders responding to
sky-high homebuying demand brought on by remote work and
rock-bottom mortgage rates, and single-family housing starts are
still sitting at significantly higher levels than pre-2020.
- The supply of existing homes for sale has dropped.
Homeowners are staying put because mortgage rates hit a two-decade
high last year, and they’re still elevated far above pre-pandemic
and pandemic levels. Many would-be sellers are opting to hang onto
their low rate instead of moving and taking on a new one.
“We have a fair amount of new-construction homes for sale, and
thank goodness we do,” said Nicole Dege, a Redfin Premier agent in
Orlando, FL. “Buyers are having a hard time finding single-family
homes in their budget because not many homeowners are letting go of
their houses, and those who are listing tend to price high because
they haven’t come to terms with the fact that prices have come down
from their 2022 peak. Builders have a better understanding of the
current market, so they’re pricing fairly, offering mortgage-rate
buydowns and providing other concessions to attract buyers.”
The share of for-sale supply that’s newly built has declined
slightly from its 2022 peak because total inventory has crept up
from last year’s historic lows as more homeowners list their
existing homes. At the same time, builders have eased up slightly
on housing starts due to high mortgage rates and dampened demand.
Many of them are still trying to offload the glut of homes they
started developing in 2021 and 2022: For new-construction homes,
there were 8.3 months of supply on the market nationwide in March,
compared to 3.2 months for existing homes.
To view the full report, including a chart, please visit:
https://www.redfin.com/news/new-construction-homes-one-third-of-inventory-2024
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate
company. We help people find a place to live with brokerage,
rentals, lending, title insurance, and renovations services. We run
the country's #1 real estate brokerage site. Our customers can save
thousands in fees while working with a top agent. Our home-buying
customers see homes first with on-demand tours, and our lending and
title services help them close quickly. Customers selling a home
can have our renovations crew fix it up to sell for top dollar. Our
rentals business empowers millions nationwide to find apartments
and houses for rent. Since launching in 2006, we've saved customers
more than $1.6 billion in commissions. We serve more than 100
markets across the U.S. and Canada and employ over 4,000
people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity
Home Loans®, Rent.™, Apartment Guide®, Title Forward® and
WalkScore®.
For more information or to contact a local Redfin real estate
agent, visit www.redfin.com. To learn about housing market trends
and download data, visit the Redfin Data Center. To be added to
Redfin's press release distribution list, email press@redfin.com.
To view Redfin's press center, click here.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240520303209/en/
Redfin Journalist Services: Ally Braun, 206-588-6863
press@redfin.com
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