That’s still well above pre-pandemic levels. The pool of existing inventory is rising as more homeowners list and homes linger on the market. At the same time, some builders are refraining from starting new projects as they try to offload inventory. House hunters who are interested in new construction may want to act now, while […]
27% of For-Sale Homes Are Newly Built, the Lowest Share in 4 Years Read More »
Developers obtained permits to build 12.8 multifamily housing units for every 10,000 people in the U.S. over the past year—down from an average of 16.7 during the pandemic building boom. North Port, FL and Austin are issuing more multifamily permits than any other metros Redfin analyzed, while Stockton, CA and Bakersfield, CA are issuing the
Permits to Build U.S. Apartments Have Fallen 23% Since the Pandemic Construction Boom Read More »
The typical home bought in the U.S. hit a record age of 36 years in 2024—up from 27 years in 2012. Buyers pay less for older homes (over 30 years old) than for newer homes (under five years old), but the gap is shrinking. The typical home bought in Buffalo, NY in 2024 was 69
The Homes Americans are Buying are Older Than Ever Read More »
New-construction homes are making up a smaller portion of total inventory as builders back off and more homeowners list their houses for sale. Newly built homes made up 28% of single-family homes for sale nationwide in the third quarter, the lowest level in three years. That’s down from 30.5% a year earlier and a record-high
28% of Houses For Sale Are Newly Built, the Lowest Share in 3 Years Read More »
The asking rent for a new apartment fell to $1,746 in the second quarter, down 6.2% from a year ago. One-bedroom apartments fell the most, dropping 9% to $1,566. Asking rents dropped at the same time new apartment completions rose to the highest level in at least 12 years. Asking rents for newly constructed apartments
Builders obtained permits to construct 13 multifamily units per 10,000 people this year, down from an average of 18 in 2021-2023. They’ve pumped the brakes because borrowing costs are high and there’s already a near-record number of units hitting the market, which is limiting rent-price growth. Landlords may feel empowered to jack up rents in
Permits to Build U.S. Apartments Have Dropped Nearly 30% Since the Pandemic Read More »