Sales of newly built homes are “going gangbusters” this year, but sales of existing homes aren’t keeping up with that same pace, according to a new report by the Wall Street Journal.
Why the discrepancy? One key reason may be that the inventory of existing homes listed for sale is low, according to the WSJ. And when taking a more holistic view of the housing market, economists and analysts say that recent builders’ reports “provide a reasonably sound sign that this spring season has gotten off to a solid start,” the WSJ said. Furthermore, investors are encouraged, as indicated by an increase in the Dow Jones U.S. Home Construction Index.
The New York Times, meanwhile, reports on one emerging trend in the new-home market: Builders are increasingly catering to more affluent buyers and higher-end homes.
Regardless of whether they’re seeking new or existing homes, other newly released data indicates that Americans are indeed eyeing a move. In fact, one in three U.S. households say they plan to move in the next five years.
That’s according to a survey from the Demand Institute. Citing the survey, RealtorMag.com pointed out what may be surprising statistics to some. For example, the survey found that the location of a home is the impetus for most people’s moving decisions, rather than just the attributes of the physical home itself.
The top motivations for moving: entering a safer neighborhood, being closer to family, a change of climate, being closer to work and moving for a new job. Read more here about the reasons people are pondering a move.