New Homes Represent a Bigger Share of Inventory
Saturday, February 19, 2022
New construction continues to sell at a premium, but there's a record share of new homes on the market today relative to existing houses. Redfin Corp. found the share of newly built single-family homes hit a new high at the end of 2021, bolstered in part by homebuilders trying to keep up with demand for housing across the U.S.
“A lot of pre-owned homes are being listed, but they are just selling off so quickly — typically in a matter of days — while new homes take longer to sell,” said Sheharyar Bokhari, a Redfin economist. “So, as a homebuyer, you’re increasingly likely to see new builds when you look up homes for sale in your target area."
Excerpt from an article by Ashley Fahey of the National Observer