Market Trends: New Construction Continues to Shrink

NEW NWMLS NUMBERS CAME OUT TODAY

This graph shows the reduction of all new construction inventory on the Eastside.  As you can see the trend continues to level off.  The analysis predict this shortage will put a new type of pressure on the housing market:

A third or more of home buyers want new. With fewer new homes, slightly used homes or recently renovated homes will demand a higher asking price.

However, if you look at this chart (New Construction Eastside under $500K) you see the trend moving up slightly.  This reflects the fact that builders are creating a lower price product to meet the demand of market place.

And finally, when we look at New Construction Eastside over $500K you see even the higher priced inventory is being absorbed.