Why We Need More Newly Constructed Homes
The number of new home sales is far off historic norms. The National Association of Realtors (NAR) just reported that the percentage of all house sales that were newly constructed homes has fallen to the lowest numbers in forty years. Here is a graph showing the percentages:
This should come as no surprise as the number of new housing starts has fallen dramatically over the last several years:
Bottom Line
We need more new construction for two reasons:
- It will relieve some of the pent-up buying demand that is causing price appreciation to continue to increase well above historic norms.
- It will give better opportunities to many current homeowners who want to sell but can’t find an adequate home to move in to.
Are you considering a new home purchase? Contact the Hisey Group with Howard Hanna today to start your search. Let us take you on a tour of new homes that meet your criteria.
440-315-6000 or RealEstate@HiseyGroup.com
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