An Increasing Portion Of Home Sales Are New Home Sales


An Increasing Portion Of Home Sales Are New Home Sales
By Scott Rogers • January 9, 2024
Between 2015 and 2020 the portion of annual home sales that were new homes ranged from between 10% and 15% per year. But... we started to see the share of new home sales increase significantly in 2021 when the shared of new home sales jumped up to 19% of total home sales. Then, in 2022 that rose to 26% and dropped off a touch in 2023 to 25% of all home sales being new homes. A few thoughts regarding this trend... [1] New home sales are and will continue to be an important segment of our local housing market given that our local population is increasing. [2] This increase in the share of new home sales in 2021 (and continuing through 2022 and 2023) coincides with when we started seeing more regional or national home builders in our marketplace. The three main regional or national builders we are seeing develop communities in our area are Evergreen Homes, Ryan Homes and DR Horton. [3] Super low mortgage interest rates between 2019 and 2022 has resulted in a LOT of homeowners currently having very low interest rates (below 4%) on their current mortgages. This will likely result in less turnover (resale) of existing homes over the next year or two so long as current mortgage interest rates stay at or above 6%. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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