Once a common home buyer’s dream, new homes have lost some of their appeal. Instead, it’s fixer-uppers and foreclosures that have been capturing buyers’ attention, creating a window of opportunity for those still looking for new construction.
While the real estate market has struggled across the board, new homes have been hit harder than ever before. Existing home sales are down about 3% in the last year, according to the latest data from the National Association of Realtors. That’s peanuts compared to new home sales, which have fallen a whopping 28%, according to the U.S. Census. To some extent, existing homes have always recovered before new construction, but analysts say this situation is so extreme that it could delay a meaningful recovery for the new-home market by two more years. “It’s not looking promising for new housing,” says John Vogel, adjunct professor of real estate at Dartmouth’s Tuck School of Business.
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