Redfin Reports 28% of Houses For Sale Are Newly Built, the Lowest Share in 3 Years
Newly built homes represented 28% of single-family homes for sale nationwide in Q3, down from 30.5% year-over-year and a record 34.4% in early 2022. This decline is attributed to increased existing inventory (+22% YoY), easing of the lock-in effect, strong sales of new construction (+6.3% YoY in September), and slower building activity. Despite the recent decline, new construction's share remains significantly higher than pre-pandemic levels of 17% in 2019. Building permits for single-family homes decreased 2% YoY in September and are down 23% from their 15-year peak in early 2021.
Le nuove costruzioni rappresentavano il 28% delle case unifamiliari in vendita a livello nazionale nel terzo trimestre, in calo rispetto al 30,5% dell'anno precedente e a un record del 34,4% all'inizio del 2022. Questa diminuzione è attribuita all'aumento dell'inventario esistente (+22% rispetto all'anno scorso), all'allentamento dell'effetto di lock-in, alle forti vendite di nuove costruzioni (+6,3% rispetto all'anno scorso a settembre) e a un'attività di costruzione più lenta. Nonostante il recente calo, la quota delle nuove costruzioni rimane significativamente superiore ai livelli pre-pandemia del 17% nel 2019. I permessi di costruzione per case unifamiliari sono diminuiti del 2% rispetto all'anno scorso a settembre e sono scesi del 23% rispetto al loro picco di 15 anni all'inizio del 2021.
Las casas recién construidas representaron el 28% de las casas unifamiliares en venta a nivel nacional en el tercer trimestre, una disminución desde el 30.5% año tras año y un récord del 34.4% a principios de 2022. Esta disminución se atribuye al aumento del inventario existente (+22% interanual), la reducción del efecto de retención, las fuertes ventas de nuevas construcciones (+6.3% interanual en septiembre) y una actividad constructiva más lenta. A pesar de la reciente caída, la participación de la nueva construcción sigue siendo significativamente mayor que los niveles previos a la pandemia del 17% en 2019. Los permisos de construcción para casas unifamiliares disminuyeron un 2% interanual en septiembre y han caído un 23% desde su punto máximo de 15 años a principios de 2021.
신축 주택은 3분기 전국 단독 주택 판매의 28%를 차지했으며, 이는 전년 대비 30.5%에서 감소하고 2022년 초의 기록적인 34.4%에서 줄어든 수치입니다. 이 감소는 기존 재고의 증가(+22% 전년 대비), 고정 효과의 완화, 신축 판매의 증가(+6.3% 전년 대비 9월) 및 느린 건축 활동에 기인합니다. 최근 감소에도 불구하고 신축의 비율은 2019년의 17%라는 팬데믹 이전의 수준보다 여전히 상당히 높습니다. 단독 주택에 대한 건축 허가는 9월에 전년 대비 2% 감소했으며, 2021년 초 15년 최고치에서 23% 하락했습니다.
Les maisons nouvellement construites représentaient 28% des maisons individuelles en vente à l'échelle nationale au troisième trimestre, en baisse par rapport à 30,5% d'une année sur l'autre et un record de 34,4% au début de 2022. Ce déclin est attribué à l'augmentation de l'inventaire existant (+22% d'une année sur l'autre), à l'assouplissement de l'effet de verrouillage, à de fortes ventes de constructions neuves (+6,3% d'une année sur l'autre en septembre) et à une activité de construction plus lente. Malgré cette récente diminution, la part de la nouvelle construction reste nettement supérieure aux niveaux d'avant la pandémie de 17% en 2019. Les permis de construire pour maisons individuelles ont diminué de 2% d'une année sur l'autre en septembre et sont en baisse de 23% par rapport à leur pic de 15 ans au début de 2021.
Neubauten machten im dritten Quartal 28% der zum Verkauf stehenden Einfamilienhäuser in ganz Deutschland aus, was einen Rückgang von 30,5% im Jahresvergleich und von einem Rekord von 34,4% zu Beginn von 2022 darstellt. Dieser Rückgang wird auf den Anstieg des bestehenden Inventars (+22% im Jahresvergleich), die Abschwächung des Lock-in-Effekts, starke Verkäufe von Neubauten (+6,3% im September im Jahresvergleich) und eine langsamere Bautätigkeit zurückgeführt. Trotz des jüngsten Rückgangs liegt der Anteil des Neubaus weiterhin deutlich über dem Niveau vor der Pandemie von 17% im Jahr 2019. Baugenehmigungen für Einfamilienhäuser sind im September um 2% im Jahresvergleich gesunken und liegen 23% unter ihrem 15-jährigen Höchststand zu Beginn des Jahres 2021.
- New construction home sales increased 6.3% YoY in September
- Total supply of existing single-family inventory up 22% YoY
- New construction share remains significantly higher than pre-pandemic levels
- Building permits for single-family homes down 2% YoY
- New construction share of inventory declined to 28% from 30.5% YoY
- Building activity has slowed from pandemic-era boom
Insights
The declining share of new construction homes in total inventory signals a significant market shift. The drop to
Builder incentives like mortgage rate buydowns have successfully driven new home sales up
New-construction homes are making up a smaller portion of total inventory as builders back off and more homeowners list their houses for sale
That’s down from
The share of houses for sale that are newly built has dropped from its peak for several reasons:
-
More existing inventory has hit the market. The total supply of existing single-family inventory is up
22% year over year. That’s partly because the lock-in effect has started to ease, with people growing tired of waiting for mortgage rates to come down before selling their home and searching for a new one. -
House hunters have bought up much of the new construction on the market. Sales of newly built single-family homes rose
6.3% year over year in September 2024, according to theU.S. Census, partly because builders have enticed buyers by offering incentives, including mortgage-rate buydowns and cash toward closing costs. Redfin agents report those incentives have worked, with many buyers turning toward new construction to get a better deal. -
Building has slowed down. Homebuilders have backed off since the pandemic-driven building boom, with high mortgage rates dampening demand; they’re focused on selling the new homes they have on the books rather than constructing new ones. Permits to build single-family homes were down
2% year over year in September, and down23% from the 15-year high they hit in early 2021.
Still, newly built homes make up a significantly higher portion of for-sale inventory than before the pandemic. That’s because the share shot up so much during the pandemic, going from roughly
Newly built homes have made up an outsized portion of homes for sale in the last four years because the supply of new-construction homes soared in 2022 and 2023, while the supply of existing homes dwindled.
Inventory of existing homes fell over that period as mortgage rates rose and the lock-in effect took hold. The surge in newly built homes, meanwhile, was caused by builders responding to robust homebuying demand brought on by ultra-low mortgage rates and remote work. While building has since slowed, builders are still completing projects they started in the past few years.
Looking forward, the share of inventory made up of newly built homes may fall slightly further as permits dwindle. But the share should remain higher than pre-pandemic levels because mortgage rates are likely to remain elevated, keeping the supply of existing homes from surging.
To view the full report, including a chart, please visit: https://www.redfin.com/news/q3-2024-new-construction-homes/
About Redfin
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View source version on businesswire.com: https://www.businesswire.com/news/home/20241101670666/en/
Contact Redfin
Redfin Journalist Services:
Isabelle Novak
press@redfin.com
Source: Redfin
FAQ
What percentage of houses for sale were newly built in Q3 2024 according to Redfin (RDFN)?
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