New Homes Selling Like Hotcakes

New homes, located mostly on the fringe of developed areas, are selling at a torrid pace this summer.

1 minute read

July 14, 2020, 10:00 AM PDT

"A sharp decline in the supply of existing homes for sale, increasing consumer preference for brand-new, high-tech homes with all the amenities for working and schooling, as well as an accelerating flight to the suburbs and exurbs," combined to make the "perfect storm" for new home builders in June, according to an article by Diana Olick.

News that sales of newly built homes jumped 55% over the totals from June 2019 comes from a monthly survey by John Burns Real Estate Consulting. "It was the largest annual gain since homebuilding began again following the epic housing crash a decade ago," according to Olick. "It is also the highest pace since the height of the unprecedented housing boom in 2005."

The Northeast and Florida led the trend in June.

FULL STORY: Homebuilders just saw the strongest June sales since the last housing boom, as pandemic pushes more buyers to the suburbs

Monday, July 13, 2020 in CNBC

Housing Urban Development United States Housing construction New Homes Home Sales Real Estate Market Coronavirus and Urbanism Housing Market John Burns Real Estate Consulting View More

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