Today, in the Calculated Risk Real Estate Newsletter: Part 1: Current State of the Housing Market; Overview for mid-April
A brief excerpt: Interestingly, new home inventory is essentially at a record percentage of total inventory. This graph uses Not Seasonally Adjusted (NSA) existing home inventory from the National Association of Realtors® (NAR) and new home inventory from the Census Bureau (only completed and under construction inventory).
Note: Mark Fleming, Chief Economist at First American pointed this out in March.
It took a number of years following the housing bust for new home inventory to return to the pre-bubble percent of total inventory. Then, with the pandemic, existing home inventory collapsed and now the percent of new homes is over 25% of total for sale inventory. The lack of existing home inventory, and few distressed sales, has been a positive for homebuilders.There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/