The momentum for new home construction is increasing, providing a solution for homebuyers who are struggling to find options in the current low-inventory market. While the supply of existing homes for sale remains limited, the market for new construction is thriving.
New residential completions, which represent newly built homes that are ready to move into, are on the rise. Data from the Census shows that builders are matching the long-term average for the number of finished housing units. This indicates that more newly built homes are being brought to the market than in recent years.
Additionally, residential starts and permits are gaining momentum, indicating that more newly constructed homes are in the pipeline. This expansion in new home construction offers homebuyers a larger pool of options.
For those looking to move immediately, there are recently completed homes available for quick occupancy. On the other hand, if customization and personalization are important, considering homes that are still under construction allows buyers to be involved in selecting features and finishings.
To navigate the process effectively, it is crucial to work with a trusted real estate professional who is knowledgeable about the local market. They can provide insights on newly completed homes in the area or assist in exploring options for homes currently being built.
In conclusion, if you're facing challenges finding a home you like due to low inventory, it may be worthwhile to explore new-home construction. Reach out to a reliable local real estate professional to discuss the available options in your area and start the conversation.