Annual share split, 1968–2024

New vs. Existing Home Sales — U.S. Market Share

Each year's share of total U.S. home sales between new construction and existing-home inventory. New homes have averaged 12–15% of all transactions; the share has run as high as 21% (1973) and as low as 7% (2011).

Source Census · NAR Series Share of total sales Frequency Annual Range 1968 – 2024

About the Data

Three federal series, one continuous record.

We compute new-construction share as new_sales / (new_sales + existing_sales) per year, with both numerator and denominator in equivalent units. The split tells you how much of the housing market clears through builders versus the resale channel.

Notable Cycles

Four genuine peaks, four wholly different recoveries.

New construction's share has fallen secularly since the 1970s as the existing-housing stock grew. The 2011 trough at 7% reflected the post-subprime foreclosure flood; the recent rebound to 14% reflects the rate lock-in keeping resale inventory off the market.

Definitions

Salesunits, K or M
Pricemedian, current $
Rate30-yr fixed, % APR
SAARCensus
EHSNAR
PMMSFreddie Mac
RecessionNBER monthly