Buyers Are Turning to New Construction

Real Estate Bottom Line

• Many buyers are turning to new home construction.  10% of all new home buyers said a lack of inventory of existing homes as their reason to purchase a home from a builder.
• 40% of of new home buyers said they wanted to avoid renovations or existing problems.
• The median home price decreased slightly from September’s high of $314,100 to $304,500 in October.
• The western part of the country saw the largest month over month jump in home sales at 28.7%.