Housing Market Recession: Record Share Of Homes For Sale Are New Construction—Here’s What That Means For Buyers

The share of new homes on the market surged to record levels last quarter as mortgage rates jumped to a 22-year high, according to real estate brokerage Redfin, forcing builders to offload homes with steep incentives and at lower prices in a bid to attract prospective buyers....

As demand craters, the impact has been harshest on pandemic “boomtowns,” or areas that saw home buying demand surge during the pandemic but now have been hit hardest by the dearth in prospective buyers, according to Redfin, which notes the highest percentages of new homes for sale are in markets like El Paso, Texas; Oklahoma City; Omaha, Nebraska; Raleigh, North Carolina; and Houston.

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