NEW YORK — A new report from real estate website Zillow shows the number of new homes built in the U.S. each year is set to hit record levels in 2020.
Zillows’ report found that by 2020, the U,S.
is projected to have 1.3 million homes built — that’s almost double the current number.
New construction has been growing steadily since the end of the Great Recession.
And according to Zillowitz, new homes are expected to hit their highest levels ever in 2020, up 5.4 percent.
The report found only 14 new homes were built in Manhattan in 2020 compared to 17 in 1990.
The average price of a new home in Manhattan was $5.6 million, compared to $4.6 in 1990, according to the Zillovisions report.
Zillow also reported that the average number of condos and townhouses sold in the nation was 9.6 per 100,000 residents in 2020 — a 1.9 percent increase over last year.
“The housing market is getting more affordable, and the supply is becoming more limited as builders ramp up and start building more,” Zilloway CEO David Einhorn said in a statement.
While the average price for a condo is up 4 percent, it’s the smallest increase since 2010, and that has been driven by a surge in the number who are buying condos, according a Zilloc analysis of Census Bureau data.
The new home market is driven by the rising supply of new construction and home buyers who want to get into the market.
Zillingow has found that more than half of the new homes being built are condos.
Some of the largest increases in new construction are expected in major cities, with the highest growth expected in the Mid-Atlantic, with a jump of 19 percent.