A recent National Association of Home Builders Housing Trends Report revealed that 16% of adults are planning a home purchase in the next 12 months. Among that group of prospective buyers, 42% are looking to buy a newly built home and 30% an existing home. A year earlier, in the first quarter of 2020, only 24% of buyers reported a preference for new homes, while 40% were looking for an existing home. These changes provide evidence that a growing number of buyers are looking specifically at new home construction from the onset of their home search.
A majority of millennials, the survey shows, would prefer to purchase a newly-built home instead of an existing house. See more survey results at NAHB’s Eye on Housing blog.