More than one-third of all single-family homes on the market in the United States this December were newly constructed, according to a new report from online brokerage Redfin.
The report found that 34.1 percent of homes on the market in the last month of 2021 were new construction, a year-over-year increase from December 2020, when new builds accounted for just 25.4 percent of houses on the market. December’s figure represents an all-time high.
The increase is a continuation of the trend seen during the past 10 years wherein newly constructed homes have made up a bigger and bigger percentage of the country’s housing stock. The trend has been exacerbated during the pandemic as builders have raced to catch up with the landmark demand for houses driven by low interest rates and remote work being met with historically low inventory, especially of pre-existing homes.
Looking ahead, the report’s authors expected new home inventory to continue to rise based on the number of construction permits, which rose 6.5 percent from the previous year in December, and 9.1 percent from the previous month.
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