07/28/2023
According to Edina Realty President Sharry Schmid, there is strong momentum in new construction. If sellers can’t find what they are looking for in existing home options, they are turning to new construction, which is up nearly 25%.
Sellers continued to occupy the sidelines in June with 16.5% fewer new listings coming on the market compared to a year ago. Buyer activity also slowed a bit, closing the supply/demand gap ever so slightly—although not nearly enough to balance the market, which still favors sellers.