The number of new home sales is far off historic norms. The National Association of Realtors (NAR) just reported that the percentage of all house sales that were newly constructed homes has fallen to the lowest numbers in forty years.
Here is a graph showing the percentages:
This should come as no surprise as the number of new housing starts has fallen dramatically over the last several years:
Bottom Line
We need more new construction for two reasons:
- It will relieve some of the pent-up buying demand that is causing price appreciation to continue to increase well above historic norms.
- It will give better opportunities to many current homeowners who want to sell but can’t find an adequate home to move in to.
More Information
There are several homesites on Oahu, and several new locations in the Ewa Beach and Kapolei areas. If you would like any information about selling or buying a newly constructed home, please don’t hesitate to contact me. I just bought a brand new home at Coral Ridge on the golf course and love it!
Coral Ridge Plan 4 Front Entry
Aloha for now! See you next time!
MM
Live the dream…Get your Hawaii Life now.
#MMSellsHawaii #CoralRidge
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