New Construction Homes On Overstock? – April 24, 2024

Video Transcript

If you’re struggling to find a home resale, an existing home to offer on and purchase, it could be a good time to consider a new home as in newly-built because according to the Census Bureau, which tracks the sales and inventory of new construction homes, in March, builders saw a big jump in home sales, 9 percent versus the month prior, that’s just in one month, 9%, but also an increase in homes still available for sale.

So lots of homes got sold, but not as many homes as builders had built. At the pace the new home construction is currently selling, it would take 8 to 9 months for all those homes to get sold.

That suggests a buyer’s market for new homes because supply is over 6 months. Now. contrast that to existing homes for which there’s just a three month supply.

That is not a buyer’s market. So if you’re out looking for homes and finding For Sale signs hard to find, give a look at new construction. With inventory up, it could be a good deal.

Get your mortgage approved on our website anytime – it’s fast and free and 24/7. I’m Dan with Homebuyer.com. Happy homebuying.