The quickest way to solve an inventory problem is to create new supply. That's certainly true for the housing market. When there are few available homes for sale and current homeowners don't look likely to sell, new home construction can help fill the gap. And luckily for today's home buyers, builders have been doing just that.
In fact, according to one new analysis, roughly 1 million single-family homes were completed in 2023 – the second highest total since before the housing crash and financial crisis nearly 15 years ago. It's also about 11 percent higher than in 2019, before the pandemic. That's good news for home shoppers, as more homes available for sale – whether old or new – help keep prices in check. But while the gains are encouraging, we aren't there quite yet. Estimates show for-sale inventory was down as much as 4.5 million homes as recently as 2022.
[Source: PR Newswire]
