{"id":75384,"date":"2022-11-08T05:00:53","date_gmt":"2022-11-08T13:00:53","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=75384"},"modified":"2022-11-08T11:47:18","modified_gmt":"2022-11-08T19:47:18","slug":"new-construction-q3-2022","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/new-construction-q3-2022\/","title":{"rendered":"29% of Homes for Sale in Third Quarter Were New Construction\u2014a Record High"},"content":{"rendered":"

New construction is taking up a growing piece of the housing inventory pie as scores of homes built during the pandemic go up for sale and individual homeowners hold off on listing amid a market slowdown.<\/h2>\n

Twenty-nine percent of U.S. single-family homes for sale in the third quarter were new construction\u2014the highest share of any third quarter on record. That\u2019s up from 25% in the third quarter of 2021 and 18% in the third quarter of 2020.<\/p>\n

\"\"<\/p>\n

This dataset is seasonal, which is why we compare the third quarter of 2022 with past third quarters. The share typically hits an annual peak in the first quarter and troughs in the second or third quarter. The highest share of any quarter on record was 34% in the first quarter of 2021.<\/p>\n

Newly-built homes have been taking up a growing portion of overall housing supply since 2011, when building started to rebound after the financial crisis. The trend is now intensifying due to a surge in construction during the pandemic and a recent slowdown<\/a> in existing homeowners putting their houses up for sale. Single-family housing starts<\/a> rose 14%<\/a> year over year in 2021, the largest annual increase since 2013. As a result, more single-family homes housing units were completed<\/a> in the third quarter than any quarter since 2007. In September alone, the number of completed new homes for sale was up 19%<\/a> from the prior month.<\/p>\n

\u201cHomebuilders started scores of projects during the pandemic moving frenzy and are now stuck with a bunch of new houses that are hard to sell because mortgage rates have risen to 7%,\u201d said Faith Floyd<\/a>, a Redfin real estate agent in Houston<\/a>. \u201cBuilders are giving away everything but the kitchen sink to attract bidders. Many are offering to buy down the buyer\u2019s mortgage rate by 1.5 points, and I\u2019ve seen at least one offer a $10,000 check for closing costs, a $3,000 gift card and a free fridge. This one way builders will dig themselves out of the hole they\u2019re in.\u201d<\/p>\n

Floyd continued: \u201cMany builders are offering more incentives than regular sellers. A lot of individual sellers are still pricing their homes too high because they\u2019re having a hard time accepting that the pandemic housing boom is over and they\u2019re not going to get 30 offers like their neighbor did last year.\u201d<\/p>\n

Builders are also dangling incentives in front of real estate agents. Floyd said some are offering agents a 5% commission, up from 0% during the pandemic and the typical 3% before the pandemic, in addition to bonuses of $6,000.<\/p>\n

With a glut of inventory on their hands, builders will likely ease up on construction in 2023, according to Redfin Deputy Chief Economist Taylor Marr<\/a>.\u00a0<\/p>\n

\u201cHomebuilders will take on fewer new projects next year as they focus on getting their existing projects sold,\u201d Marr said. \u201cBuilders will also shift more toward multifamily units, for which there is still relatively high demand because rents remain high.\u201d<\/p>\n

Pandemic Boomtowns Have Relatively High Share of New Homes<\/h3>\n

Many of the metro areas with relatively high shares of new homes for sale have something in common: They ramped up building during the pandemic because they exploded in popularity with out-of-town buyers, and are now seeing significant slowdowns in their housing markets. More than half of the metros in the top 20 are in Texas or Florida\u2014hot pandemic migration destinations with room to build. More than one-quarter of the top 20 are now on Redfin\u2019s list<\/a> of fastest cooling housing markets.<\/p>\n

In El Paso, TX<\/a>, newly built single-family homes made up half of all homes for sale in the third quarter\u2014the highest share among the 80 major metros with sufficient data that Redfin analyzed. Next came Oklahoma City<\/a> (43%), Omaha, NE<\/a> (40%), Raleigh, NC<\/a> (39%) and Houston<\/a> (37%). Rounding out the top 10 are North Port<\/a>–Sarasota, FL<\/a> (35%), San Antonio<\/a> (33%), Greenville, SC<\/a> (33%), Boise, ID<\/a> (33%) and Charleston, SC<\/a> (32%).\u00a0<\/p>\n

It\u2019s helpful to examine North Port<\/a> as a microcosm of the national trend. The southwestern Florida metro was consistently one of the top<\/a> migration destinations during the pandemic because it offers relative affordability and sunshine. That caused home prices and construction to surge. Building permits in North Port<\/a> soared 68% year over year in 2021, while home prices rose 21%. Because it heated up so much during the pandemic, it\u2019s now one of the fastest cooling<\/i> markets. That\u2019s causing many existing homeowners to hold off on listing, which is causing listings of newly built homes to take up an even larger share of the market.\u00a0<\/p>\n

It\u2019s worth noting that North Port<\/a> was hit hard by Hurricane Ian in late September, and has since seen a large drop<\/a> in sales and new listings as a result\u2014intensifying the market slowdown.<\/p>\n

Metro-Level Summary: Q3 2022 vs Q3 2021<\/h3>\n

The table below includes major metro areas that had sufficient data and is sorted by highest to lowest share of new-construction homes for sale in the third quarter of 2022.<\/i>
\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
U.S. metro area<\/b><\/th>Q3 2022: Share of homes for sale that were new construction<\/b><\/th>Q3 2021: Share of homes for sale that were new construction<\/b><\/th>YoY change (percentage points)<\/b><\/th>\n<\/tr>\n<\/thead>\n
El Paso, TX<\/a><\/td>49.8%<\/td>44.0%<\/td>5.9 pts<\/td>\n<\/tr>\n
Oklahoma City, OK<\/a><\/td>43.1%<\/td>32.1%<\/td>11.0 pts<\/td>\n<\/tr>\n
Omaha, NE<\/a><\/td>40.1%<\/td>20.6%<\/td>19.5 pts<\/td>\n<\/tr>\n
Raleigh, NC<\/a><\/td>39.3%<\/td>40.6%<\/td>-1.3 pts<\/td>\n<\/tr>\n
Houston, TX<\/a><\/td>37.1%<\/td>34.6%<\/td>2.6 pts<\/td>\n<\/tr>\n
North Port, FL<\/a><\/td>34.5%<\/td>15.3%<\/td>19.2 pts<\/td>\n<\/tr>\n
San Antonio, TX<\/a><\/td>33.2%<\/td>32.6%<\/td>0.6 pts<\/td>\n<\/tr>\n
Greenville, SC<\/a><\/td>33.2%<\/td>29.0%<\/td>4.2 pts<\/td>\n<\/tr>\n
Boise, ID<\/a><\/td>33.2%<\/td>47.1%<\/td>-13.9 pts<\/td>\n<\/tr>\n
Charleston, SC<\/a><\/td>31.8%<\/td>21.8%<\/td>10.0 pts<\/td>\n<\/tr>\n
Austin, TX<\/a><\/td>31.8%<\/td>28.5%<\/td>3.2 pts<\/td>\n<\/tr>\n
Dallas, TX<\/a><\/td>30.8%<\/td>23.8%<\/td>6.9 pts<\/td>\n<\/tr>\n
Lakeland, FL<\/a><\/td>30.4%<\/td>22.8%<\/td>7.6 pts<\/td>\n<\/tr>\n
Fort Worth, TX<\/a><\/td>28.7%<\/td>20.9%<\/td>7.7 pts<\/td>\n<\/tr>\n
Nashville, TN<\/a><\/td>27.9%<\/td>23.5%<\/td>4.4 pts<\/td>\n<\/tr>\n
Tulsa, OK<\/a><\/td>27.2%<\/td>18.3%<\/td>8.9 pts<\/td>\n<\/tr>\n
Cape Coral, FL<\/a><\/td>26.9%<\/td>19.6%<\/td>7.3 pts<\/td>\n<\/tr>\n
Minneapolis, MN<\/a><\/td>26.8%<\/td>20.2%<\/td>6.7 pts<\/td>\n<\/tr>\n
McAllen, TX<\/a><\/td>26.2%<\/td>15.1%<\/td>11.1 pts<\/td>\n<\/tr>\n
Jacksonville, FL<\/a><\/td>24.1%<\/td>24.0%<\/td>0.0 pts<\/td>\n<\/tr>\n
Charlotte, NC<\/a><\/td>23.6%<\/td>25.3%<\/td>-1.7 pts<\/td>\n<\/tr>\n
Knoxville, TN<\/a><\/td>23.1%<\/td>23.3%<\/td>-0.1 pts<\/td>\n<\/tr>\n
Richmond, VA<\/a><\/td>23.0%<\/td>20.8%<\/td>2.1 pts<\/td>\n<\/tr>\n
Grand Rapids, MI<\/a><\/td>21.4%<\/td>17.5%<\/td>3.9 pts<\/td>\n<\/tr>\n
Atlanta, GA<\/a><\/td>20.2%<\/td>17.9%<\/td>2.3 pts<\/td>\n<\/tr>\n
Tucson, AZ<\/a><\/td>20.1%<\/td>11.2%<\/td>8.9 pts<\/td>\n<\/tr>\n
Tacoma, WA<\/a><\/td>19.8%<\/td>16.5%<\/td>3.3 pts<\/td>\n<\/tr>\n
Elgin, IL<\/a><\/td>19.6%<\/td>16.2%<\/td>3.3 pts<\/td>\n<\/tr>\n
Orlando, FL<\/a><\/td>18.9%<\/td>14.0%<\/td>4.9 pts<\/td>\n<\/tr>\n
Tampa, FL<\/a><\/td>18.6%<\/td>14.7%<\/td>3.9 pts<\/td>\n<\/tr>\n
Louisville, KY<\/a><\/td>18.4%<\/td>11.9%<\/td>6.5 pts<\/td>\n<\/tr>\n
Portland, OR<\/a><\/td>18.1%<\/td>18.5%<\/td>-0.4 pts<\/td>\n<\/tr>\n
Memphis, TN<\/a><\/td>18.0%<\/td>25.1%<\/td>-7.1 pts<\/td>\n<\/tr>\n
Indianapolis, IN<\/a><\/td>17.6%<\/td>18.1%<\/td>-0.5 pts<\/td>\n<\/tr>\n
Greensboro, NC<\/a><\/td>17.1%<\/td>19.3%<\/td>-2.2 pts<\/td>\n<\/tr>\n
St. Louis, MO<\/a><\/td>16.5%<\/td>11.0%<\/td>5.5 pts<\/td>\n<\/tr>\n
Virginia Beach, VA<\/a><\/td>16.5%<\/td>14.9%<\/td>1.6 pts<\/td>\n<\/tr>\n
Little Rock, AR<\/a><\/td>16.3%<\/td>11.6%<\/td>4.7 pts<\/td>\n<\/tr>\n
Cincinnati, OH<\/a><\/td>16.3%<\/td>14.0%<\/td>2.3 pts<\/td>\n<\/tr>\n
Denver, CO<\/a><\/td>14.9%<\/td>16.0%<\/td>-1.1 pts<\/td>\n<\/tr>\n
Phoenix, AZ<\/a><\/td>14.5%<\/td>12.0%<\/td>2.6 pts<\/td>\n<\/tr>\n
Washington, D.C.<\/a><\/td>14.5%<\/td>11.1%<\/td>3.4 pts<\/td>\n<\/tr>\n
Montgomery County, PA<\/a><\/td>14.4%<\/td>12.4%<\/td>1.9 pts<\/td>\n<\/tr>\n
Worcester, MA<\/a><\/td>14.2%<\/td>10.6%<\/td>3.6 pts<\/td>\n<\/tr>\n
Frederick, MD<\/a><\/td>14.2%<\/td>11.0%<\/td>3.2 pts<\/td>\n<\/tr>\n
Warren, MI<\/a><\/td>13.8%<\/td>12.7%<\/td>1.1 pts<\/td>\n<\/tr>\n
Birmingham, AL<\/a><\/td>13.6%<\/td>15.1%<\/td>-1.5 pts<\/td>\n<\/tr>\n
New Orleans, LA<\/a><\/td>13.6%<\/td>20.1%<\/td>-6.5 pts<\/td>\n<\/tr>\n
Seattle, WA<\/a><\/td>12.9%<\/td>16.0%<\/td>-3.1 pts<\/td>\n<\/tr>\n
Stockton, CA<\/a><\/td>12.8%<\/td>6.0%<\/td>6.8 pts<\/td>\n<\/tr>\n
Columbus, OH<\/a><\/td>12.8%<\/td>7.8%<\/td>5.0 pts<\/td>\n<\/tr>\n
Boston, MA<\/a><\/td>12.3%<\/td>7.7%<\/td>4.6 pts<\/td>\n<\/tr>\n
Fresno, CA<\/a><\/td>12.2%<\/td>4.9%<\/td>7.3 pts<\/td>\n<\/tr>\n
Albany, NY<\/a><\/td>11.8%<\/td>16.3%<\/td>-4.5 pts<\/td>\n<\/tr>\n
Baltimore, MD<\/a><\/td>11.6%<\/td>9.3%<\/td>2.3 pts<\/td>\n<\/tr>\n
Allentown, PA<\/a><\/td>11.1%<\/td>13.2%<\/td>-2.1 pts<\/td>\n<\/tr>\n
Bakersfield, CA<\/a><\/td>10.4%<\/td>4.9%<\/td>5.5 pts<\/td>\n<\/tr>\n
Milwaukee, WI<\/a><\/td>10.1%<\/td>5.1%<\/td>5.0 pts<\/td>\n<\/tr>\n
New Brunswick, NJ<\/a><\/td>9.5%<\/td>7.6%<\/td>2.0 pts<\/td>\n<\/tr>\n
Providence, RI<\/a><\/td>9.3%<\/td>6.1%<\/td>3.2 pts<\/td>\n<\/tr>\n
Hartford, CT<\/a><\/td>8.8%<\/td>7.4%<\/td>1.5 pts<\/td>\n<\/tr>\n
Sacramento, CA<\/a><\/td>7.9%<\/td>6.2%<\/td>1.7 pts<\/td>\n<\/tr>\n
Las Vegas, NV<\/a><\/td>7.8%<\/td>4.2%<\/td>3.6 pts<\/td>\n<\/tr>\n
Riverside, CA<\/a><\/td>7.8%<\/td>4.9%<\/td>2.9 pts<\/td>\n<\/tr>\n
Bridgeport, CT<\/a><\/td>7.3%<\/td>6.1%<\/td>1.2 pts<\/td>\n<\/tr>\n
Nassau County, NY<\/a><\/td>7.2%<\/td>5.9%<\/td>1.3 pts<\/td>\n<\/tr>\n
Cleveland, OH<\/a><\/td>6.6%<\/td>5.7%<\/td>0.9 pts<\/td>\n<\/tr>\n
Newark, NJ<\/a><\/td>6.2%<\/td>3.4%<\/td>2.8 pts<\/td>\n<\/tr>\n
West Palm Beach, FL<\/a><\/td>6.0%<\/td>6.5%<\/td>-0.5 pts<\/td>\n<\/tr>\n
Miami, FL<\/a><\/td>5.7%<\/td>6.3%<\/td>-0.5 pts<\/td>\n<\/tr>\n
Lake County, IL<\/a><\/td>5.7%<\/td>7.3%<\/td>-1.6 pts<\/td>\n<\/tr>\n
Chicago, IL<\/a><\/td>5.0%<\/td>5.9%<\/td>-0.9 pts<\/td>\n<\/tr>\n
Camden, NJ<\/a><\/td>4.9%<\/td>4.2%<\/td>0.7 pts<\/td>\n<\/tr>\n
New York, NY<\/a><\/td>4.8%<\/td>5.1%<\/td>-0.4 pts<\/td>\n<\/tr>\n
Fort Lauderdale, FL<\/a><\/td>4.3%<\/td>4.3%<\/td>0.0 pts<\/td>\n<\/tr>\n
San Diego, CA<\/a><\/td>3.7%<\/td>3.3%<\/td>0.4 pts<\/td>\n<\/tr>\n
Los Angeles, CA<\/a><\/td>3.7%<\/td>4.2%<\/td>-0.4 pts<\/td>\n<\/tr>\n
Pittsburgh, PA<\/a><\/td>3.6%<\/td>2.9%<\/td>0.7 pts<\/td>\n<\/tr>\n
Oakland, CA<\/a><\/td>3.6%<\/td>3.6%<\/td>-0.1 pts<\/td>\n<\/tr>\n
Detroit, MI<\/a><\/td>3.1%<\/td>4.2%<\/td>-1.1 pts<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n","protected":false},"excerpt":{"rendered":"

New construction is taking up a growing piece of the housing inventory pie as scores of homes built during the pandemic go up for sale and individual homeowners hold off on listing amid a market slowdown. Twenty-nine percent of U.S. single-family homes for sale in the third quarter were new construction\u2014the highest share of any […]<\/p>\n","protected":false},"author":13346,"featured_media":75386,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","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":"default","adv-header-id-meta":"","stick-header-meta":"default","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 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