More homebuyers are specifically seeking new homes on their buying journey compared to 2020. A recent survey from the National Association of Home Builders found that 16% of adults are planning to purchase a home within the next 12 months. Of that share, 42% want a newly built home while 30% desire an existing home. The remaining 28% had no preference, but this marks an 18% increase in new homes in just one year. During quarter one of 2020, 24% of buyers were searching for new homes while 40% desired an existing home.
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 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, on the other hand, 41% are looking for an existing home.