New data from Redfin shows strong demand, and an increasing share of the supply, in new homes.
"Newly constructed single-family dwellings have reached the highest share of all homes for sale, according to a new report from Redfin," according to an article Ted Knutson for Globe St, based on the report published by Redfin.
"The newly built homes accounted for 34.1% of all single-family homes for sale last year, up from 25.4% in 2020. Redfin says the surge began in mid-2020," reports Knutson.
The Redfin report is available online, supported by an article by Dana Anderson and Taylor Marr.
As evidence that the number of new homes will continue to rise, the Redfin report also points to increase in building permits: up 6.5% year over year in December, and up 9.1% from the month before.
Knutson also cites the December National Association of Home Builders/Wells Fargo Housing Market Index that estimated contractor sentiment at the end of 2021 at an 84—equal to the highest reading of the year, set in February 2021 (the index hit 90 in November 2020).
The news about new homes growing increasing their footprint in the housing market is also likely to indicate that current real estate trends are trending toward sprawl, although the Redfin report does not break down the location of the new homes on the market relative to their proximity to urban cores.
The pressure for new homes is certainly emerging from understocked urban housing markets. Recent months have shown the number of cities facing crisis-level housing affordability issues increasing, while more and more renters and potential homeowners are priced out of the market.
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