{"id":35349,"date":"2015-07-24T13:09:07","date_gmt":"2015-07-24T20:09:07","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=35349"},"modified":"2020-10-06T14:21:48","modified_gmt":"2020-10-06T21:21:48","slug":"where-will-everybody-live-new-homes-arent-keeping-up","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/where-will-everybody-live-new-homes-arent-keeping-up\/","title":{"rendered":"Where Will Everybody Live? New Homes Aren&#8217;t Keeping Up"},"content":{"rendered":"<p>New homes are selling at the weakest pace in seven months and it\u2019s been a slower summer for homebuilders than we first thought, the <a href=\"http:\/\/www.census.gov\/construction\/nrs\/pdf\/newressales.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Census Bureau<\/a> said today.<\/p>\n<p>It\u2019s a disappointing report. Even though new construction makes up only about 8 percent of the overall housing market, it accounts for an outsized share of job creation and consumer spending, and we look to it for a read on how the economy\u2019s doing in general. In June, new home sales clocked in at a 482,000 annual pace, Census reported, down nearly 7 percent from May and well below the 548,000 forecast in a Bloomberg survey. While this year is better than last&#8211;up more than 18 percent from a year ago&#8211;new single-family sales are at their lowest since November and about where they were a quarter century ago.<\/p>\n<figure id=\"attachment_35371\" aria-describedby=\"caption-attachment-35371\" style=\"width: 672px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/07\/NHS-june2015.png\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-35371\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/07\/NHS-june2015.png\" alt=\"housing market\" width=\"672\" height=\"384\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/07\/NHS-june2015.png 672w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/07\/NHS-june2015-300x171.png 300w\" sizes=\"(max-width: 672px) 100vw, 672px\" \/><\/a><figcaption id=\"caption-attachment-35371\" class=\"wp-caption-text\">Source: US Census Bureau, new single-family houses sold. Retrieved from Federal Reserve Bank of St. Louis https:\/\/research.stlouisfed.org\/fred2\/series\/HSN1F\/ July 24, 2015<\/figcaption><\/figure>\n<p>While it\u2019s rarely a good idea to put much stock in a single piece of economic data, the trend in new home sales has been disappointing for a while. Builders simply aren\u2019t constructing enough houses to accommodate population and household growth. It\u2019s one factor of many contributing to the <a href=\"https:\/\/redfin.com\/blog\/2015\/07\/june-housing-market-sets-all-time-records-for-high-speed-and-low-supply-2.html\" target=\"_blank\" rel=\"noopener noreferrer\">rapid rise<\/a> in housing costs.<\/p>\n<p>Today\u2019s report is at odds with other data that show a housing market bolstered by job gains, growing household formation and low mortgage rates. \u00a0<a href=\"https:\/\/redfin.com\/blog\/2015\/06\/homeownership-most-americans-still-say-count-me-in.html\" target=\"_blank\" rel=\"noopener noreferrer\">First-time buyers<\/a> are starting to come back, credit is becoming easier to get and the economy remains on a slow path to recovery.<\/p>\n<p>And builders remain upbeat. The <a href=\"http:\/\/www.nahb.org\/en\/news-and-publications\/Press-Releases\/2015\/july\/new-home-sales-fall-6pt8-percent-in-june.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">National Association of Homebuilders<\/a> today chalked up the disappointing data to the market\u2019s \u201cups and downs.\u201d<\/p>\n<p>Thinking about buying a newly constructed home? Check out our 10 tips for getting a better deal when <a href=\"https:\/\/redfin.com\/resources\/how-to-buy-a-new-construction-home\">buying new construction<\/a>.<\/p>\n<p><strong><span style=\"font-family: 'Georgia',serif;color: #333333\">Other popular posts:<\/span><\/strong><\/p>\n<p><span style=\"font-family: 'Georgia',serif;color: #333333\">1.\u00a0<a href=\"https:\/\/redfin.com\/blog\/guide-protect-home-forest-fires\">How to Protect Your Home From Forest Fires<\/a><\/span><\/p>\n<p><span style=\"font-family: 'Georgia',serif;color: #333333\">2.\u00a0<a href=\"https:\/\/redfin.com\/blog\/keep-summer-pests-out-of-house\">The Ultimate Guide to Keep Summer Pests Out of Your House<\/a><\/span><\/p>\n<p><span style=\"font-family: 'Georgia',serif;color: #333333\">3.\u00a0<a href=\"https:\/\/redfin.com\/blog\/create-safe-space-in-home-kids-sensory-overload\">How to Create a Safe Space at Home When Your Kids Reach Sensory Overload<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While it\u2019s rarely a good idea to put much stock in a single piece of economic data, the trend in new home sales has been disappointing for a while. Builders simply aren\u2019t constructing enough houses accommodate population growth. It\u2019s one factor of many contributing to the rapid rise in housing costs.<\/p>\n","protected":false},"author":13355,"featured_media":35371,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,25],"tags":[32,39],"coauthors":[],"class_list":["post-35349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-new-construction","tag-housing-market-tracker","tag-new-construction"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Housing Market - New Home Sales Aren&#039;t Keeping Up<\/title>\n<meta name=\"description\" content=\"While it\u2019s rarely a good idea to put stock in a single piece of data, the trend in new home sales has been disappointing for the housing market a while.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/where-will-everybody-live-new-homes-arent-keeping-up\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Where Will Everybody Live? New Homes Aren&#039;t Keeping Up\" \/>\n<meta property=\"og:description\" content=\"While it\u2019s rarely a good idea to put stock in a single piece of data, the trend in new home sales has been disappointing for the housing market a while.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/where-will-everybody-live-new-homes-arent-keeping-up\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2015-07-24T20:09:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-06T21:21:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/07\/NHS-june2015.png\" \/>\n\t<meta property=\"og:image:width\" content=\"672\" \/>\n\t<meta property=\"og:image:height\" content=\"384\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Lorraine Woellert\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lorraine Woellert\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/where-will-everybody-live-new-homes-arent-keeping-up\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/where-will-everybody-live-new-homes-arent-keeping-up\\\/\"},\"author\":{\"name\":\"Lorraine Woellert\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/6395c928950a61ee52bf19341000cfd7\"},\"headline\":\"Where Will Everybody Live? 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She\u2019s based in Washington, D.C., where she writes about housing and the economy. Before joining Redfin, Lorraine was at Bloomberg News reporting on politics, financial mayhem, housing and the economy. Her dream home is a top-floor loft with a pool, friendly neighbors and a terrace for throwing parties. Everyone's invited. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. 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New Homes Aren&#8217;t Keeping Up","datePublished":"2015-07-24T20:09:07+00:00","dateModified":"2020-10-06T21:21:48+00:00","mainEntityOfPage":{"@id":"https:\/\/www.redfin.com\/news\/where-will-everybody-live-new-homes-arent-keeping-up\/"},"wordCount":359,"publisher":{"@id":"https:\/\/www.redfin.com\/news\/#organization"},"image":{"@id":"https:\/\/www.redfin.com\/news\/where-will-everybody-live-new-homes-arent-keeping-up\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/07\/NHS-june2015.png","keywords":["Housing Market Tracker","New Construction"],"articleSection":["Housing Market News","New Construction"],"inLanguage":"en-US","copyrightYear":"2015","copyrightHolder":{"@id":"https:\/\/www.redfin.com\/news\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.redfin.com\/news\/where-will-everybody-live-new-homes-arent-keeping-up\/","url":"https:\/\/www.redfin.com\/news\/where-will-everybody-live-new-homes-arent-keeping-up\/","name":"Housing Market - New Home Sales Aren't Keeping Up","isPartOf":{"@id":"https:\/\/www.redfin.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.redfin.com\/news\/where-will-everybody-live-new-homes-arent-keeping-up\/#primaryimage"},"image":{"@id":"https:\/\/www.redfin.com\/news\/where-will-everybody-live-new-homes-arent-keeping-up\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/07\/NHS-june2015.png","datePublished":"2015-07-24T20:09:07+00:00","dateModified":"2020-10-06T21:21:48+00:00","description":"While it\u2019s rarely a good idea to put stock in a single piece of data, the trend in new home sales has been disappointing for the housing market a while.","breadcrumb":{"@id":"https:\/\/www.redfin.com\/news\/where-will-everybody-live-new-homes-arent-keeping-up\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.redfin.com\/news\/where-will-everybody-live-new-homes-arent-keeping-up\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/where-will-everybody-live-new-homes-arent-keeping-up\/#primaryimage","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/07\/NHS-june2015.png","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/07\/NHS-june2015.png","width":672,"height":384,"caption":"Source: US Census Bureau, new single-family houses sold. Retrieved from Federal Reserve Bank of St. Louis https:\/\/research.stlouisfed.org\/fred2\/series\/HSN1F\/ July 24, 2015"},{"@type":"BreadcrumbList","@id":"https:\/\/www.redfin.com\/news\/where-will-everybody-live-new-homes-arent-keeping-up\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.redfin.com\/news\/"},{"@type":"ListItem","position":2,"name":"Where Will Everybody Live? 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She\u2019s based in Washington, D.C., where she writes about housing and the economy. Before joining Redfin, Lorraine was at Bloomberg News reporting on politics, financial mayhem, housing and the economy. Her dream home is a top-floor loft with a pool, friendly neighbors and a terrace for throwing parties. Everyone's invited. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our \"Why Redfin?,\" page.","sameAs":["https:\/\/www.redfin.com\/blog"],"url":"https:\/\/www.redfin.com\/news\/author\/lorraine-woellertredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/35349","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13355"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=35349"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/35349\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/35371"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=35349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=35349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=35349"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=35349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}