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Homebuyers frustrated by the lack of existing houses for sale are finding relief in the form of brand-new ones.
New construction homes have been a bright spot in this year’s otherwise lackluster housing market. About one-third of all single-family homes listed for sale in the U.S. since the beginning of 2023 have never been lived in before, according to a recent report from brokerage Redfin.
That’s a record high for the spring season— and it’s no wonder, given current market conditions.
Thanks to the pandemic homebuying frenzy, and an existing inventory problem two years of ultra-low interest rates made even worse, there’s a dearth of houses on the market. Particularly those worth justifying spending a premium on, now that mortgage rates are hovering near a 22-year high.
