New Home Construction
The number of new home sales is historically low. NAR recently reported the percentage of all house sales that were newly constructed homes is at its lowest level in 40 years.
This is not surprising as the number of new housing starts has fallen dramatically over the last several years:
New construction is needed because:
- It will relieve some of the pent-up buyer demand that is causing price appreciation to continue to increase above historic norms.
- It will give more options to homeowners who want to sell but can’t find an adequate replacement home to move to.
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