More Buyers are Looking for a New Home


A recent NAHB Housing Trends Report revealed that 16% of adults are planning a home purchase in the next 12 months. Among that group of prospective buyers, 42% are looking to buy a newly built home and 30% an existing home. A year earlier, in the first quarter of 2020, only 24% of buyers reported a preference for new homes, while 40% were looking for an existing home. These changes provide evidence that a growing number of buyers are looking specifically at new home construction from the onset of their home search.

When broken down by generation, a majority of millennial buyers (56%) would prefer a new home, the most of any generation. In contrast, 44% of baby boomers and 41% of Gen Z buyers are looking for an existing home.

Regionally, in the Northeast and West, a majority of buyers would prefer a new home. In the Midwest and South, on the other hand, a plurality are looking for an existing home.

Rose Quint, NAHB’s assistant vice president for survey research, provides more details in this Eye on Housing blog post.

Subscribe to NAHBNow

Log in or create account to subscribe to notifications of new posts.

Log in to subscribe