Q2 New Home Supply Shrinks by Most in 6 Years

Home Buyers

The supply of new U.S. homes on the market fell by 1% during the 2019 second quarter, according to Redfin, the largest yearly decrease since the first quarter of 2013. New home prices declined 0.5% during the same time, the first price drop in almost two years. The existing home supply rose 1.1%, however, in the second quarter, the fourth consecutive increase. The median price for existing homes also grew 3.2%, up for the seventh straight quarter.