We’ve been reporting on it for months, but the new home market truly is having a moment! In fact, Redfin has found that newly built homes made up nearly one-third of U.S. single-family homes on the market in the second quarter of the year. That’s the highest share of any second quarter on record.
The portion of new homes of all inventory is up from 30.3% a year earlier and, per Redfin, nearly double the pre-pandemic share of about 17 percent in the second quarter of 2019. The second quarter’s share is down from a near-record-high of 33.6 percent the previous quarter.
New homes were least common in California and Hawaii and most common in Texas and North Carolina. New homes made up 33 percent of single-family inventory in Tulsa, up from 20 percent a year earlier and representing the biggest jump of the metros in this analysis.