Redfin says new construction is taking up a bigger piece of the pie as low mortgage rates and surging homebuyer demand made homebuilding more attractive during the coronavirus pandemic. In fact, they report that newly built homes make up 26% of all single-family homes for sale – which they say is a record high. In addition, in Q1 2021, 25.7% of single-family homes for sale in America during were new-construction homes – up from 20.4% in the first quarter of last year.
“Building homes has become more attractive and profitable during the pandemic due to record-low mortgage rates and red-hot homebuyer demand,” Marr said. “At the same time, many homeowners have opted to stay put and refinance or remodel their existing homes instead of selling them, allowing new-construction homes to take up a larger portion of the market.”
Click here to read the full report at Redfin.com.
