New homes are quickly becoming the only option in the U.S. No one wants to sell their home and lose a 3% mortgage rate – a sign that a 'soft landing' isn't coming.

In the first quarter of 2024, 33.4% of single-family homes for sale in the U.S. were new constructions, the second-highest rate on record.

Just four years ago, only about 16% of homes for sale were new builds.

In just five years, this share has more than doubled.

For comparison, after the 2008 financial crisis, 1 in 20 homes for sale was new.

For the first time since 2005, the median price of an existing home has surpassed the median price of a new home.

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