Existing Homes

New Homes Make Up Nearly One-Third Of The Market

Posted on by TMN Editor
As high rates keep sellers locked in their current homes, new homes are making up an increasing share of the market. Newly built homes made up almost a third of all single-family homes on the market in Q2 2023 (31.4%), according to a new report from Redfin. This is up 30.3% YOY and almost double the share from Q2 2019 (17%). It’s a new record for any second quarter in Redfin’s data, though not the highest share ever. In fact, it’s down from Q1 2023’s share of 33.6%, though Redfin notes the decline follows a normal seasonal trend of new home shares peaking in the winter. Though builders have slowed home construction, no longer producing the same inventory they did…

Existing Home Sales Fall For Second Month

Posted on by TMN Editor
Existing home sales fell for a second month in March, down 2.7% from February and 4.5% YOY, according to the National Association of Realtors (NAR). Existing home sales are now down to an annualized rate of 5.77 million. March sales dropped in three of the four major regions but stayed stable in the West. But all four regions saw YOY declines. “The housing market is starting to feel the impact of sharply rising mortgage rates and higher inflation taking a hit on purchasing power,” said Lawrence Yun, NAR’s chief economist.  “Still, homes are selling rapidly, and home price gains remain in the double-digits.” Properties remained on the market for an average of 17 days, down from 18 days both in…