The Market for New Construction

Dear Monica: Am I correct that there are fewer newly constructed homes on the market than there used to be?  David R.
Dear David:  There are few homes in general on the market now but you are correct that there aren’t as many newly constructed homes as there were.  Some of the reasons for this are that interest rates are higher especially for the kind of loans developers use.  This makes it much more costly for them to build.  Also many don’t know how the economy and market will be when the property is ready to sell.  But early indications in 2023 are that demand is strong, buyers are in the market and thus, developers soon will be too.

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