Where are the hot home building markets? According to a new report, new construction accounts for more than one-third of all closings in just seven somewhat surprising places where there is "an inordinately large emphasis" on new as opposed to used.
The "far and away" top market in which new houses capture more than a 30% share is The Village, a self-contained seniors-only community in Florida outside of Orlando. There, according to the study by Housing Intelligence, more than 53% of all closing are for new units.
Number two on the independent research firm's list Jacksonville, N.C., at 36%, followed by Seaford, Del. 35%; Augusta-Richmond County, Ga.-S.C., 32%; Fayetteville, N.C., 31%; El Paso, Tex., 31, and Kennewick-Pasco-Richland, Wash., 30%.
All seven markets had at least 500 closings during the first six months, but none are large enough to have more than 1,500.
The "first" major market to exceed the 1,500 mark was Raleigh, which was ninth on Housing Intelligence's list of 82 markets. Sales were closed on 2,600 new houses during the period in the North Carolina capital, accounting for 29.5% of the market.
San Antonio was 16th, with 4,000 new homes closing, for a 21% market share, while Houston closed on nearly 10,000 new units, also a 21% share.
