The new homes market continued to roar till the very end of 2023, making up a near-record of 32 percent of homes for sale in the fourth quarter of last year. That’s comparable with 31.9 percent a year earlier, which is the highest level of any fourth quarter on record, according to Redfin.
The highest share of any quarter on record is 34.5 percent in the first quarter of 2022.
Construction jumped during the pandemic as builders responded to surging homebuyer demand fueled by record-low mortgage rates. Homebuilders also have been offering sizable concessions, including money for mortgage rate buydowns.