New Home Sales Likely to Rise 11 Percent by 2020

According to Lawrence Yun of the National Association of Realtors (NAR), it’s likely that the sale of new homes will rise to a 13-year high in 2020, jumping 11 percent. This jump is significant even when compared with an anticipated 3.7 percent increase in existing home sales by 2020.

“Some loosening in inventory will happen in 2020, and so we expect home sales to rise,” Yun said at NAR’s convention in San Francisco. “We’ll see an increase in inventory, but not any oversupply, so home prices should continue to move higher – our hope is in a much tamer fashion.”

This growth for new construction in Seattle is not a new concept. An article written in 2018 by The Seattle Times outlined the rapid growth of new construction in the city. Overall, Seattle housing construction has grown 130 percent this decade compared to the average over the prior three decades, while housing development in the suburbs has dropped 43 percent from its historical average.

There are many advantages to purchasing a new construction home and with the superior products being put to market today, it’s no surprise that buyers are purchasing new build homes.