The price of a newly-built home increased 3.2 percent year-over-year in the second quarter of 2018, and sales grew 1.3 percent.
In a study of second quarter housing activity, Redfin finds that while 22.3 percent of new construction homes sold above their listing price, this was an annual decline from 24.8 percent. For existing home sales, the share of homes sold for more than the listing price has increased over the seven quarters that the share for new homes has diminished. The average days on market also decreased from 102 days in the second quarter of 2017 to 95 days, showing an increased pace of sales.
“After a dramatic drop in June, lackluster housing-start numbers again in July is disappointing news for the housing market,” said Taylor Marr, Redfin senior economist. “Housing starts are still far below historic averages. Lack of properly zoned land, not enough labor and increasing materials costs due to tariffs continue to be the major factors holding back builders.”
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