{"id":76668,"date":"2023-08-17T02:00:24","date_gmt":"2023-08-17T09:00:24","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76668"},"modified":"2023-08-31T13:44:08","modified_gmt":"2023-08-31T20:44:08","slug":"new-construction-homes-one-third-of-inventory","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/new-construction-homes-one-third-of-inventory\/","title":{"rendered":"New Builds Make Up One-Third of Houses on the Market, With High Rates Locking Up Existing Inventory"},"content":{"rendered":"

Homebuyers are turning to newly built single-family homes as overall inventory sits at an all-time low. New homes are most common in El Paso, TX, Omaha, NE and Raleigh, NC, and least common in California and Hawaii.\u00a0<\/span><\/i><\/p>\n

Newly built homes made up nearly one-third (31.4%) of U.S. single-family homes on the market in the second quarter. That\u2019s the highest share of any second quarter on record, with new construction keeping the housing market afloat amid the severe shortage of existing homes for sale.\u00a0<\/span><\/p>\n

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The portion of new homes of all inventory is up from 30.3% a year earlier and nearly double the pre-pandemic share of about 17% in the second quarter of 2019.\u00a0<\/span><\/p>\n

The second quarter\u2019s share is down from a near-record-high of 33.6% the previous quarter, but that\u2019s a normal seasonal pattern, as the share of new homes tends to peak in the winter months.<\/span><\/p>\n

New homes make up a near-record share of housing inventory for a few reasons:<\/strong><\/p>\n