New-home construction on the rise … fortunately

With mortgage rates still above 7% – and not expected to drop anytime soon – and home prices continuing to inch upward while inventory remains low, home buyers can’t seem to catch a break.

Fortunately, there’s been an uptick in new-home construction which accounted for nearly one-third of all homes for sale in July. Typically, new homes account for 10% to 15% of the housing market.

Additionally, the cost of a new home and and the resale market is only a $30,000 price difference (median price for a new home, $436,700 and $406,700 for an existing home).

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