New Construction Consumer Housing Trends Report 2018

Zillow Group’s New Construction Consumer Housing Trends Report explores data insights on buyers and how they search for, think about and buy a new construction home in America today.

The story of new construction today is one of gaps — the biggest, for prospective buyers, is the one between supply and demand. There’s a chasm between growing populations in several major metros and an industry struggling to house them, despite a multitude of interested, well-funded buyers clamoring for housing.

What makes home shoppers choose new construction (or not)? How do they search and what do they want most in a new construction home? 

Here are 10 key insights from the New Construction Consumer Housing Trends Report:

  1. Among several home types they consider, 38 percent of total buyers add new construction to their list. Only 11 percent of total buyers purchase a new construction home.
  2. Two-thirds (65 percent) of new construction buyers are age 39 and older.
  3. Nearly 3 in 4 (71 percent) new construction buyers are repeat buyers.
  4. Among new construction buyers who used financing to purchase a home, 45 percent used funds from the sale of a previous home to fund at least a portion of the down payment, compared with 38 percent of existing home buyers.
  5. More than half (53 percent) of new construction buyers move from a different city, state or country, compared to 47 percent of existing home buyers who move that far.
  6. Nearly half (46 percent) of new construction buyers view a mobile website using a smartphone or tablet.
  7. During their search, new construction buyers most want to take a private tour; more than 3 in 4 (77 percent) consider it very or extremely important.
  8. New construction buyers are more likely to consider air conditioning as very or extremely important (85 percent versus 74 percent of existing home buyers).
  9. Most (81 percent) new construction buyers say that a floor plan or layout that fits their preferences is very or extremely important in their decision of which home to buy.
  10. Nearly half of new construction buyers (49 percent) say their top reason for purchasing is because everything in the home is new or never used.

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