{"id":82740,"date":"2025-10-29T05:00:43","date_gmt":"2025-10-29T12:00:43","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=82740"},"modified":"2025-10-28T13:17:48","modified_gmt":"2025-10-28T20:17:48","slug":"august-2025-new-construction-homes","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/august-2025-new-construction-homes\/","title":{"rendered":"27% of For-Sale Homes Are Newly Built, the Lowest Share in 4 Years"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">That\u2019s still well above pre-pandemic levels.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">House hunters who are interested in new construction may want to act now, while the pool of new homes is still fairly deep.\u00a0<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Newly built homes made up 26.8% of single-family homes for sale nationwide in August, the lowest level in four years. That\u2019s down from 28.2% a year earlier and 30.6% two years earlier. <\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-82744 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/10\/Screenshot-2025-10-28-131204.png\" alt=\"\" width=\"554\" height=\"415\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/10\/Screenshot-2025-10-28-131204.png 554w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/10\/Screenshot-2025-10-28-131204-300x225.png 300w\" sizes=\"(max-width: 554px) 100vw, 554px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">This is from a Redfin analysis of U.S. Census and NAR data. Please note that August is the most recent month for which this data is available.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">New homes still make up a significantly higher portion of single-family supply than before the pandemic. The share shot up as homebuying demand skyrocketed during the pandemic, from between 15% and 20% in 2018 and 2019 to nearly 35% in 2022, and has come down since then. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Newly built homes are making up a smaller share of the inventory pie than they were several years ago mainly because the supply of existing homes has rebounded.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There was a <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-tracker-june-2023\/\"><span style=\"font-weight: 400;\">shortage<\/span><\/a><span style=\"font-weight: 400;\"> of new listings of existing homes in 2022 and 2023, with many homeowners <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rate-lock-in-housing-2024\/\"><span style=\"font-weight: 400;\">locked in<\/span><\/a><span style=\"font-weight: 400;\"> by ultra-low mortgage rates. Now, more Americans are <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-mortgage-rates-drop-buyers-stay-on-sidelines\/\"><span style=\"font-weight: 400;\">listing their homes<\/span><\/a><span style=\"font-weight: 400;\">, with the <\/span><a href=\"https:\/\/www.redfin.com\/news\/rate-lock-q2-2025\/\"><span style=\"font-weight: 400;\">lock-in effect easing<\/span><\/a><span style=\"font-weight: 400;\">, life circumstances motivating people to sell, and homeowners hoping buyers jump on <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">slightly lower<\/span><\/a><span style=\"font-weight: 400;\"> mortgage rates. At the same time, homes are typically staying on the market for a long time: Homes are selling in a median of 50 days, the <\/span><a href=\"https:\/\/www.redfin.com\/news\/homebuyer-discounts-september-2025\/\"><span style=\"font-weight: 400;\">longest September span<\/span><\/a><span style=\"font-weight: 400;\"> since 2016. Homes that do go under contract are increasingly going back on the market after the <\/span><a href=\"https:\/\/www.redfin.com\/news\/contract-cancellations-september-2025\/\"><span style=\"font-weight: 400;\">buyer backs out<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other side of the equation, some homebuilders are starting to pull\u00a0 back. Housing starts fell 6% year over year in August, and housing completions fell 8.4%, <\/span><a href=\"https:\/\/www.census.gov\/construction\/nrc\/current\/index.html\"><span style=\"font-weight: 400;\">per the U.S. Census<\/span><\/a><span style=\"font-weight: 400;\">. After construction surged during the pandemic to meet homebuying demand, some builders are opting against starting new projects because\u00a0 they\u2019re still trying to offload inventory that\u2019s already completed. Some are struggling to do so because homebuying demand is tepid due to still-elevated mortgage rates, high home prices and economic uncertainty.\u00a0<\/span><\/p>\n<h3>Builders Are Offering Rate Buydowns, Incentives to Lure Buyers<\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Many builders are offering incentives\u2013such as mortgage-rate buydowns, paying for closing costs and new appliances\u2013to attract buyers. That\u2019s especially prevalent in parts of the country where new homes are popular, like <\/span><a href=\"https:\/\/constructioncoverage.com\/research\/counties-with-the-most-housing-growth-last-decade#:~:text=Housing%20Growth%20by%20State&amp;text=States%20that%20have%20experienced%20the,or%20decline%20in%20the%20region.&amp;text=If%20you%20manage%20a%20team,accept%20payments%20on%20the%20go.\"><span style=\"font-weight: 400;\">Texas, Utah and Florida<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0While new homes are typically a bit more expensive than existing homes, it\u2019s a good time to buy a newly built home for those who can afford it. The incentives builders provide may make up for the higher sticker price.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBuilders are desperate to sell,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/roze-swartz\"><span style=\"font-weight: 400;\">Roze Swartz<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin Premier agent in <\/span><a href=\"https:\/\/www.redfin.com\/city\/8903\/TX\/Houston\"><span style=\"font-weight: 400;\">Houston<\/span><\/a><span style=\"font-weight: 400;\">. \u201cPrices are lower than usual, insurance costs are lower than for existing homes, and buyers have the power because there\u2019s <\/span><a href=\"https:\/\/www.redfin.com\/news\/buyers-vs-sellers-september-2025\/\"><span style=\"font-weight: 400;\">more supply than demand<\/span><\/a><span style=\"font-weight: 400;\">. Builders are buying rates down to 4% or 5% and throwing in $10,000 in closing costs; plus, buyers can breathe easy knowing their home has a new roof, new HVAC system, new everything.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">House hunters searching for a new home may want to act sooner rather than later, as the pool of newly built homes is big now, but starting to shrink.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBuilders are hesitant to start new projects because in today\u2019s <\/span><a href=\"https:\/\/www.redfin.com\/news\/buyers-vs-sellers-september-2025\/\"><span style=\"font-weight: 400;\">buyer\u2019s market<\/span><\/a><span style=\"font-weight: 400;\">, it doesn\u2019t make financial sense,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/jesse-landin\"><span style=\"font-weight: 400;\">Jesse Landin<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin Premier agent in <\/span><a href=\"https:\/\/www.redfin.com\/city\/16657\/TX\/San-Antonio\"><span style=\"font-weight: 400;\">San Antonio<\/span><\/a><span style=\"font-weight: 400;\">. \u201cThe market is oversaturated with new construction, so much so that some local builders are <\/span><a href=\"https:\/\/www.fastcompany.com\/91400184\/housing-market-shifts-homebuilder-layoffs-rise-especially-in-texas-and-florida\"><span style=\"font-weight: 400;\">laying off workers<\/span><\/a><span style=\"font-weight: 400;\">\u2013something I\u2019ve never heard of happening before.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>That\u2019s still well above pre-pandemic levels.\u00a0 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.\u00a0 House hunters who are interested in new construction may want to act now, while [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":82743,"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":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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