- Housing News
- September 24, 2021
New Home Demand Rises for First Time Since March
With inventory for existing homes consistently running well behind historical norms, homebuyers are increasingly pivoting to buying a newly built home instead.
With inventory for existing homes consistently running well behind historical norms, homebuyers are increasingly pivoting to buying a newly built home instead.
Despite a dip in mortgage applications in July, 2021 had the second-strongest July since 2012, with new home sales unchanged from June.
For the fourth month in a row, mortgage applications for new home purchases have declined.
It appears that June's good news on the new home front was short-lived, as a new report shows that construction of new single-family homes declined in July.
For much of the year, one of the common concerns among would-be homebuyers is that there are simply not enough homes on the market. It looks like there might be a bit of a light at the end of that tunnel, especially for first-time homebuyers.
Considering that mortgage applications for new home purchases were down in June, it probably shouldn’t come as a shock that when the new home sales data for June came out, it showed that sales were down too.
There's some good news on the new home front, as construction of new single-family homes continued increasing in June. But the news isn't all good as prices continued rising as well.
If you're in the market for a new home, you may have taken a look at a model home in a new development. Your agent probably walked you through a stunning unit with a big, open floor plan, attractive bonus features, an ideal backyard, and top-tier appliances.
The new home construction rollercoaster continued in May with housing starts bouncing back up after falling in April, but a lack of available building materials could soon lead to a protracted decline in homebuilding.
Over the last 16 months, people's attitudes towards where they live have shifted dramatically, driven by the rise of remote work. For many, gone are the days of living in the bustling metropolis. Instead, they are drawn to more land and more home for their money in the outlying areas. And that's exactly where homebuilders are building more homes.