Nearly One-Third of Houses for Sale Are New Construction
A new report from Redfin says the share of newly built single-family homes on the market at the end of 2021 was at a record high as builders try to keep up with surging demand. In addition, Redfin said that more than 34.1% of single-family homes for sale in December were new construction, up from 25.4% a year earlier and the highest share on record.
“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…So as a homebuyer, you’re increasingly likely to see new builds when you look up homes for sale in your target area. Said Redfin Economist Sheharyar Bokhari.
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