Buyer Preference for Newly Constructed Homes Changed Little From 2022Q4 to 2023Q1
Popularity of New Homes Stalls
According to results recently released by the National Association of Home Builders (NAHB) in its Housing Trends Report—a research product created by the NAHB Economics team—prospective buyers’ interest for new home construction was essentially unchanged between 2022Q4 and 2023Q1. The share of potential buyers looking to buy a newly built home inched up from 20% to 21%.
On the other hand, the share of potential buyers interested in existing homes dropped from 39% in 2022Q4 to 37% in 2023Q1. The NAHB notes that the share of buyers with no particular preference edged from 41% to 42% in the same time period.
In addition, the NAHB is reporting that interest, on a regional basis, for new home construction also changed little in the same period, with the exception of the West, where shares rose from 21% to 27%. In the Midwest, the share stayed flat at 15%; while in both the Northeast and South, the number of buyers interested in new construction increased from 20% to 22%.
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