New home construction increased in 2024 – up to 1,020,600 single-family homes as compared to 998,900 in 2023. Just as important the median listing price for new homes in December was down 0.7% year over year to $449,967.
Analysts say newly built homes are smaller and more affordable. During the fourth quarter of 2024, new homes accounted for slightly over 18% of all listings. The South and West are currently far ahead of the Northeast and Midwest when it comes to new construction.
Certainly, all the events coming out of Washington DC will have an impact on new construction. Just what that impact will be remains to be seen.