Home prices in newly built communities are outpacing pricing trends from 2019. According to data from Zonda, 56% of new home communities raised prices in July, while only 39% of new home communities increased pricing in July 2019. Phoenix, Denver, Las Vegas, Sacramento and Riverside are epicenters for new home construction an increased pricing.
“The price increases, especially in the new home market come from the puzzle that the industry was facing pre-pandemic, which is that there are no homes for sale. That has only gotten worse during the pandemic,” Ali Wolf, chief economist at Zonda, tells GlobeSt.com. “If a buyer is looking to take advantage of rates today, there are very few options, especially if they are selective about location.”
The pandemic has actually helped to fuel home sales. It has given many people flexibility to move further away from their jobs, but the pandemic has also