Newly Built Homes Make Up 26% of Inventory

According to a national analysis of real estate data from Redfin, it’s a good time to work in a new-home niche as new-home construction becomes more attractive to home shoppers since the pandemic. The number of existing homes for sale has dropped to historic lows while builders are ramping up production. More than a quarter, 25.7% of single-family homes for sale during the first quarter were new-construction homes. “Building homes has become more attractive and profitable during the pandemic due to record-low mortgage rates and red-hot homebuyer demand,” says Taylor Marr, Redfin’s lead economist. “At the same time, many homeowners have opted to stay put and refinance or remodel their existing homes instead of selling them, allowing new-construction homes to take up a larger portion of the market.” Meanwhile, the number of existing homes for sale fell about 28% in March compared to a year ago, according to the National Association of REALTORS?.

Source and link to the full article: “Newly Built Homes Make Up 26% of All Single-Family Homes for Sale—A Record High,” Redfin