Meanwhile, new-home sales rose 5.6 percent, marking the second consecutive quarter of increases. New-home supply decreased 7.9 percent year over year, the biggest inventory drop since at least 2012, and the second straight quarter of declines.
Existing-home prices rose 4.2 percent year over year, while sales increased 2.1 percent and inventory fell 6.9 percent.
The price decline for new homes is partly a reflection of builders responding to buyer demand for affordability, which strengthened sales.
The surge in sales, along with a nearly 10 percent year-over-year increase in residential building permits—the biggest in two-and-a-half years—signals the beginning of a moderate recovery for the new-home market.
"Buyers are returning to the new-home market thanks to low mortgage rates and relatively low prices," said Redfin chief economist
"While buyers in
To read the full report, please visit: https://www.redfin.com/blog/new-construction-q3-2019.
Redfin (www.redfin.com) is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the
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