By Rose Quint
After bottoming out at 19% in the first quarter of 2022, the popularity of new homes continues to rebound, as the share of buyers looking for new construction rose to 21% and 27% in the second and third quarters of the year, respectively. A possible factor behind this trend is that the inventory of new homes for-sale is 25% higher than a year ago, while the supply of existing homes on the market is unchanged.
The recent increase in interest for new homes is countrywide. From the second to the third quarters of 2022, the share of prospective buyers looking to purchase a new home rose in all four regions: Northeast (18% to 27%), Midwest (12% to 18%), South (20% to 26%), and West (30% to 31%).
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