HOLIDAY

Interest in New Homes on the Rise

The share of adults planning a home purchase within a year rose from 13% in the first half of 2022 to 15% in the third quarter. This increase suggests that high mortgage rates and the possibility of even higher rates are creating a sense of urgency to purchase a home sooner rather than later.

According to the National Association of Homebuilders, new homes in particular may be of interest. After bottoming out at 19% in the first quarter of 2022, the popularity of new homes continues to rebound, as the share of buyers looking for new construction rose to 21% and 27% in the second and third quarters of the year, respectively, according to NAHB’s Housing Trends Report. This interest is nationwide: The share of prospective buyers looking to purchase a new home rose in all four regions.

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