Meanwhile, the supply of new-construction homes for sale slid 28.4%, representing the largest drop since at least 2013, when Redfin began recording this data. Still, that wasn't as severe as the record 37% decline in the inventory of existing homes last month. The relatively acute shortage of existing homes means that newly-built homes now make up one of every five houses for sale—the largest share on record.
"The shortage of both new and existing homes is intensifying across America right now as record-low mortgage rates drive more demand, but the shortage of new homes is less severe due to a surge in construction right before the pandemic," said Redfin senior economist
The number of newly-built homes on the market may continue to grow; residential construction projects in the
New listings of newly-built homes increased 1.8% year over year in July, while new listings of existing homes rose 2.9%, likely reflecting pent-up supply as many homeowners who had postponed selling during stay-at-home orders are now listing their homes.
Prices of newly-built homes grew just 2.3% in July to a median of
"All of the suburbs around
To read the full report, including charts and additional metro-level highlights, please visit: https://www.redfin.com/blog/new-home-construction-july.
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