During the "Great Recession" of 2008, home values fell and many Americans lost their homes. Home builders produced fewer houses, and sales largely declined. A more subtle impact that the housing crisis had on the market for new homes was the shift in buying habits from purchasing unbuilt or semi-built homes to favoring completely built homes. For home builders, the spec home represents the economical option for their prospects. For buyers, it’s the least expensive and most practical option. In the years from 2008 to 2011, the share of new home sales from pre-built houses were higher than any year prior to the recession.
Home Sales by Stage of Construction
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