The share of buyers looking for new construction rose to 21% and 27% in the second and third quarters of 2022 after bottoming out at 19% in the first quarter of the year, NAHB Eye on Housing reports. While the inventory of existing homes on the market is unchanged year-over-year, the total supply of new homes for sale is 25% higher than a year ago, giving prospective buyers more options in the new-home market nationwide.
From the Q2 to Q3 2022, the total share of prospective buyers looking to purchase a new home rose in all four regions of the U.S., jumping from 18% to 27% in the Northeast, 12% to 18% in the Midwest, 20% to 26% in the South, and 30% to 31% in the West.
A possible factor behind this trend is that the inventory of new homes for-sale is 25% higher than a year ago, while the supply of existing homes on the market is unchanged.
From the second to the third quarters of 2022, the share of prospective buyers looking to purchase a new home rose in all four regions: Northeast (18% to 27%), Midwest (12% to 18%), South (20% to 26%), and West (30% to 31%).
Advertisement
Related Stories
Market Data + Trends
Data Show New-Home Construction Starts Slowed at the End of 2023
Despite falling mortgage rates and a continuing shortage of housing inventory, the annual pace of new-home construction slowed in December
Housing Markets
Top 10 Metros for New Homes in 2024
Punta Gorda, Fla., and Myrtle Beach, S.C., top the list of places where new-home construction is booming
New-Construction Projects
US Housing Starts See Unexpected Surge in November
Census Bureau data show new-home construction was up 14.8% in November, suggesting the housing crunch may be easing
