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With low supply, high prices and rising interest rates continuing to haunt the housing market, would-be homebuyers are increasingly looking at newly constructed homes, CNBC reports.
Newly constructed homes often come with incentives from builders and developers and are more available than previously owned ones.
About 693,000 new single-family houses were sold in March, up 8.3% from a year ago, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. The median sales price was $430,700, the agencies found.
At the same time, sales for previously owned homes dropped by 3.7% from March 2023, the National Association of Realtors reported.
