Record High in New Home Supply Amidst Historic Low Mortgage Demand

Inventory of Completed Homes: Currently, home builders have 102,000 completed but unsold homes available on the market. This is the highest number since 2009, as reported by Reventure.

Mortgage Demand: Mortgage demand has reached its lowest level in nearly 30 years, further complicating the housing market.

Homes Under Construction: There are now 274,000 new homes under construction. This figure is only about 62,000 fewer than the peak level recorded before the 2008 Financial Crisis.

New Home Supply vs. Demand: The supply of new homes is increasing significantly in a market where mortgage demand is dropping.

Proportion of New Homes: Currently, a record one-third of all homes for sale are new constructions.

Market Uncertainty: With elevated mortgage rates and high home prices, it remains uncertain who will be able to purchase these new homes, despite the soaring levels of new construction.