Newly Built Homes Just Under Record High For U.S. Sales -- Market Talk

Dow Jones05-21

1224 ET - One-third of single-family homes for sale in the U.S. in 1Q, or 33.4%, were newly built, just below a record-high 34.5% two years earlier, Redfin says. 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. Construction of U.S. homes soared at the start of the pandemic, and the supply of existing homes for sale has dropped. Many would-be sellers are opting to hang onto their low mortgage rate instead of moving and taking on a new one. 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. (chris.wack@wsj.com)

(END) Dow Jones Newswires

May 20, 2024 12:24 ET (16:24 GMT)

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Many would-be sellers are opting to hang onto their low mortgage rate instead of moving and taking on a new one. 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. 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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. Construction of U.S. homes soared at the start of the pandemic, and the supply of existing homes for sale has dropped. Many would-be sellers are opting to hang onto their low mortgage rate instead of moving and taking on a new one. 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. 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