Newly built homes make up largest share of market since at least 2012 in U.S.
With the supply of existing homes sinking, new properties now make up a bigger piece of the pie. Last month, 1 in 5 homes on the market was a newly built home.
That represents the largest share since at least 2012.
The inventory of existing homes has plummeted amid economic uncertainty and health concerns fueled by the coronavirus pandemic, with an increasing number of Americans choosing to delist their homes or not even put them up for sale in the first place.
Meanwhile, the supply of new-construction homes has seen a relatively small drop, as builders and homeowners approach home selling differently.
Still, builders have been putting fewer houses on the market than they did last year as they’ve had to halt projects amid restrictions on construction activity and permitting delays. New listings of newly constructed homes fell 12% month over month in April, though that pales in comparison to the 36.3% slide in new listings of existing homes. ■