New construction homes are continuing to grow in popularity, largely due to a lack of older homes on the market.In the fourth quarter, 31.8% of single-family homes for sale were new construction, according to a Redfin report. That’s down just slightly from last year’s high of 31.9%.Prospective homebuyers are seeking new construction more often for several reasons. New home construction has grown significantly since 2009, now that the effects of the Great Recession have finally lessened.
Rates haven’t gone down as much as anticipated, in part due to the state of the economy. Inflation still remains high, so the Federal Reserve has yet to reduce rates."The strong job market is good news for the spring buying season, as higher household incomes are a necessary component, but it also means that mortgage rates are not likely to drop much further at this point," said Mike Fratantoni, Mortgage Bankers Association chief economist.
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