new homes

New Home Sales Remain Stable in September

Sales of newly built, single-family homes decreased 0.7% to a seasonally adjusted annual rate of 701,000 units in September off a downwardly revised reading in August, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. On a year-to-date basis, new home sales for 2019 are 7.2% higher than the same period in 2018.

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Millennials Show a Growing Preference for New Homes

millenials, home buying

Among general housing preferences, there is a noticeable upward trend in the percentage of millennials who desire a new home built for sale offered by a builder, according to a recent study by the NAHB Economics team.

Between 2007 and 2018, the percentage of millennial home buyers who prefer a new home increased from 28% to 41%. This increase seems to be at the cost of the desire for a home custom-built on the eventual home owners’ lot, which fell from 37% to 18% over the same period.

Preference for an already existing home hovered around 40% during this 11-year time span.

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