The last few years have been tough for homebuyers. With rising home prices and mortgage rates, it’s completely normal to feel anxious about finding a home that fits your budget.

The number of homes available for sale has increased significantly recently, and this applies to both existing homes and newly constructed ones. Let’s take a closer look at these two positive trends for buyers and how they might make it easier for you to find the home you’ve been searching for.

1. The Number of Existing Homes for Sale Has Increased by 22%

According to data from Realtor.com, the number of existing homes for sale saw a remarkable increase of 22% in 2024. Experts indicate that the selection of homes available will likely continue to improve this year. Predictions suggest that inventory could rise by an additional 11-15% by year-end.

This is great news for your home search. If you haven't found a house that has all the features you're looking for, just remember that as more homes hit the market, your options will increase. This gives you a better chance of discovering a home that meets all your needs. As Ralph McLaughlin, Senior Economist at Realtor.com, points out:

““It could be a particularly good time to get out into the market . . . you’re going to have more choice. And that’s not something that buyers have really had much over the past several years.”
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— Ralph McLaughlin, Senior Economist at Realtor.com

2. The Market Has More Newly Built Homes Available

Data from the Census and the National Association of Realtors reveals that about 31.1% of the homes for sale today are newly built, which is roughly 1 in 3. This figure is higher than usual, but don't fret—it's not because builders are producing too many homes. They're simply working to make up for years of underbuilding.

Builders have been leaning towards smaller homes with lower price tags lately, which means you might be surprised to find that new constructions can be more affordable than you anticipated. Many folks tend to dismiss new builds, assuming the prices are sky-high, but the reality is that the difference in cost isn't as significant as it used to be.

““If you live in an area where there’s a lot of new construction happening . . . you might be able to purchase a new house for a price similar to or even less than a pre-owned one.”
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— CNET

If you're struggling to find a home that fits your budget, consider talking to your agent about new builds. Not doing so might mean you're missing out on about a third of your options.