Homebuilders will take on fewer new projects next year as they focus on getting their existing projects sold, according to a new report from real estate brokerage Redfin.

Twenty-nine percent of U.S. single-family homes for sale in the third quarter were new construction—the highest share of any third quarter on record, according to Redfin.

That a good tick higher than the 25% in Q3 2021 and 18% in Q3 2020.

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