High Prices Continue to Reduce Interest for New Construction

According to NAHB’s latest Housing Trends Report, in the first quarter of 2018, only 15% of prospective buyers were looking for a newly built home. The onset of COVID-19 propelled that share up to 42% by the final quarter of 2020, but strong gains in new home prices have driven it down for the last three quarters, reaching 32% in the third quarter of 2021. Meanwhile, the share who is ambivalent between new or existing construction has gone from 27% to 34% during this period.

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