New Construction Home Prices Increased 3.2% in Second Quarter

Real Estate News & Analysis

New Construction Home Prices Increased 3.2% in Second Quarter

Second-quarter 2018 new construction metrics compared to second quarter 2017:

  • 22.3% of newly built homes sold above their list price, down from 24.8%. For the past seven quarters, the percentage of new construction homes that sold above list has been declining. For existing homes, the percentage sold above list has been increasing over the same time period.
  • New construction home sales were up 1.3%.
  • Average days on market was 95, down seven days from 102.
  • Austin (TX), Fort Myers (FL), Raleigh (NC), North Port (FL) and Orlando (FL) were the five markets with the highest number of new permits per 10,000 people.

“After a dramatic drop in June, lackluster housing-start numbers again in July is disappointing news for the housing market,” said Taylor Marr, Redfin senior economist. “Housing starts are still far below historic averages. Lack of properly zoned land, not enough labor and increasing materials costs due to tariffs continue to be the major factors holding back builders.”

Housing Starts per 1k HH Shortage

Redfin is making available below a downloadable set of monthly data on new construction prices, sales, inventory and other new residential market statistics. Redfin is also releasing building permit data—provided by the Census—allowing users to analyze average construction costs and compare the number of units built per capita across regions. Both datasets are available for download at the National, Metro, and County Levels since 2012.

 

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