As a result of several trends, new home sales have recently moved away from the sale of already completed homes to more often being sales of homes still under construction and even homes that have not yet begun construction. Eight out of ten new home buyers are already home owners whose experience with previous homes has given them specific tastes for the next one that a pre-completed house is less likely to accommodate, such as upgrades, finishes, and colors. This development partially comes also from lender insistence that builders slow down on new homes until some of their completed inventory sells, resulting in a 40-year low in June of completed homes available on the market.
Read the full article here: New Home Sales State of Construction